Home buyers should always consider before buying some basic elements of due diligence.
Buyers sometimes get caught up in the romance of experience and don’t pay enough attention to the most important things.
1. Look and feel of the neighborhood (during the day and also during the night).
Seeing the house at different times during the day and night gives you as buyer an understanding of what’s really going on in the neighborhood. When you stroll your street at night, you’re not just looking for danger. This community can change and become more or less quiet when everyone is home from work and school.
2. Safety elements for people in the neighborhoods.
See whether there is access for fire department and police officer vehicles to this home?
3. The daily commute to and from work (in miles and minutes).
Check out where gridlock or other traffic problems can arise after a test of the roads and highways.
4. The CC&Rs (codes, covenants and rules of living at the community association).
Find out whether the home is located in a community with a homeowners association, buyers need to get a copy and read about the conditions, covenants, and restrictions. These will regulate what you can and cannot do with your property.
5. Whether there are any rental restrictions for this home.
What if any are the city or HOA restrictions on possible short term rental or marketing of the home on an Airbnb type of platform.
6. Size of the lot and interior of the home.
Find out detailed information from the agents and Realtors involved, know this and not be surprised after escrow closing to learn that the house and lot are smaller than expected.
7. Need for special property specialty inspections
While a home inspection is a must, most inspectors are generalists who will check for mechanical systems, structural concerns, or possible contamination. If the property has complex systems, such as septic systems, sewers, wells, or solar panels, that should be evaluated by a specialist.
8. Features of the home that can’t be changed
Find out whether elements of the home can be reasonably changed (such as location, lot, power lines, and floor plan, valuable lot or not, power lines overhead, sewer system). Much of a home’s perceived value comes from these factors.
9. Home value in current market.
Home buyers should get this best and most recent comparative market value information for this home from their Realtors and learn about market trends and how that might impact this specific home – and what are positive elements that will help you sell the home in the future.
10. Is there room to grow?
To make a home a wise investment, buyers need to be careful and then stay put for several years. That’s why buyers should be careful about what they need in the future. Will somebody be working from the home? Quiet space that can serve as a home office and might be important. If you’re thinking of starting a family, consider where the baby will sleep — and if your yard will fit a swing set or if there are nearby parks.
While you don’t want to buy more house than you can afford, you don’t want to outgrow the house too soon.
If you are thinking about pursuing a real estate goal, now may be the time to act.
Presented by Harrison K. Long, real estate broker, CALBRE 01410855. Realtor and professional real estate representative. Also an attorney member of the CA State Bar association #69137. Contact me at 949-701-2515.
Presented by Christi Long, real estate agent, CALBRE 01410855. Realtor and professional real estate representing for buyers, sellers and investors since 2004. Contact me at 949-212-5427. REALTOR® agent at HomeSmart Evergreen Realty. CalBRE 01438859.
Source of some information for this post is an article at Realtor.com, August, 2017.
“Home Buyers Should Always Consider Before Buying”