Buying your new home
may be the biggest investment you've made so far. Although
the process of buying real estate is very exciting there is
serious risk involved.
Buying A House and
How To Search For A Home In Michigan
It is true that real estate may be the most secure investment, however things can and often do turn the opposite way.
While the home you have selected may appear to be just what you're looking for, you have to make sure there are no hidden defects
that can turn your investment into a loss.
Besides costly defects, in modern days the home buyer has to insure there are no health hazards present in the house.
The seller's disclosure form in the state of Michigan, has been amended as of January 1st,
2006 with the following paragraph that has to be typed in capital letters:
"BUYER SHOULD OBTAIN PROFESSIONAL ADVICE AND INSPECTIONS OF THE PROPERTY TO MORE FULLY DETERMINE
THE CONDITION OF THE PROPERTY. THESE INSPECTIONS SHOULD TAKE INDOOR AIR AND WATER QUALITY INTO ACCOUNT,
AS WELL AS ANY EVIDENCE OF UNUSUALLY HIGH LEVELS OF POTENTIAL ALLERGENS INCLUDING BUT NOT LIMITED TO,
HOUSEHOLD MOLD, MILDEW AND BACTERIA"
It is easy to see that buying a house involves considering a wide variety of aspects
that go far beyond common knowledge. Helping a client is also much more demanding on home inspectors.
It is no longer possible for occasional or part time home inspectors to keep-up and provide their clients with
complete and accurate information.
On this page:
- Buying your own home
- How to search for a home
- Aspects you should carefully consider before choosing a home
- The true condition of a house for sale
- The real estate purchase agreement
Buying Your Own Home
Buying a house is more often then not, a long and stressful procedure. You will search the internet, newspapers,
talk to agents, drive by, or any other imaginable way. You will spend many hours looking at houses for sale.
You will make compromises between what you want and what you find, between what you want to pay and what they are asking.
Most often buyers arrive at a conflict between logic and emotion; this drains a lot of energy.
Most people say "we are buying a house" but, they are truly looking for a home.
Some buy only with logic thinking business, they buy a house. Some buy only with emotion, they buy a home. The wise do both.
In spite of all hardship buying real estate is a profitable and secure investment. You will gain many advantages being a home owner.
If done correctly the effort will pay off handsomely.
How to Search For a Home
Everybody likes to give advice about buying a home, you will have to sort it because much is chatter with no practical value.
What I want to share with you are the results of my observations as a home inspector.
Buy yourself a note book only for this purpose (if you do not have a pocket PC),
use it extensively and and keep it organized. Take time and review your notes about the houses for sale you've
seen prior to making any decisions. Dedicate a page to each house for sale you see. You will see many houses,
sometimes two or more in one day and your memory will mix-up features, it often happens.
Just one example: I got called to inspect a house about which the buyers had only one concern - a hump on the roof.
When we got to the roof I asked where did they see the hump. They looked at each other asking where is the hump.
Well, the hump was on another house.
The above is only one example, I can't stress enough how tired one becomes when searching for a house.
The high real estate prices, the 30-year mortgage, and the fear of not making the best decision all stress the mind at subconscious level.
Give yourself time and proceed organized. If you feel tired stop for the day, tomorrow is another day.
If you think a house will sell, let it sell, more will come on the market tomorrow.
Other Aspects You Should Carefully Consider Before Buying a Home
New home owners should carefully consider ongoing maintenance, a minimum of 1 day per month.
Repairs and improvements require additional time and money. Some people relax when working on their home,
so considering a house that needs improvement is well suited and will pay off very well.
Others have a career that is more rewarding then working on a house.
All you have to do is identify your position and direct your search accordingly.
The ongoing home maintenance has to be done, there is no choice. If done later than sooner it will cost more money.
Today's home maintenance issue will be a repair tomorrow and it soon can escalate into a major problem.
Buying a house that needs repairs and not doing them could lead to loss of investment.
Many think that home buying means selling for profit in a few years. It is not always the case. Some bring money from their bank
account to close the sale of a house bought 3 years before.
The True Condition of a House For Sale
The condition of a house for sale gives the value in comparison with other houses for sale of similar age and size.
The market analysis or appraisal will give you the value based on size and location, number of bedrooms and bathrooms.
But these stop short of looking at the true condition of the house components and systems, quality of materials and labor,
maintenance and repair expenses that you will have to incur as a home owner.
Such information comes only from experienced home inspectors.
The Real Estate Purchase Agreement
When buying a house make sure that your purchase agreement is pending satisfactory home inspection results.
Most realtors in Michigan will allow 5 days for home inspection and your final decision. Schedule your home inspection
early so you can meet the dead-line and have some time to think after, you never know what the inspection will bring to light.
After spending three hours with the home inspector you will look at the house with different eyes.
This clause will allow you to back out or renegotiate the price as you deem necessary.
Good luck!
And finally, when you found that house and reached an agreement with the sellers call me to schedule the home inspection.
In the meantime read the other pages of my website, they are loaded with useful information.
Located in Troy, I am available for home inspections in: Oakland County, Macomb County, Wayne County, and surrounding cities in Michigan.
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