Homebuyers: How to Avoid Paying Too Much ~ Part Four of Ten

HomeBuyers : How to Avoid Paying Too Much Part Four of Ten

Homebuyers Series: Part One: Know what you are looking for & Shop for a Mortgage

Homebuyers Series: Part Two: Make sure your Realtor knows what you are looking for and

Location, Location, Location are covered in depth.

Homebuyer Series Part Three: Narrowing your prospects, show interest in all homes & don't

shop with your heart are covered in depth.

Tip No. 9 - Don't ignore red flags when evaluating a home's pluses and minuses - When evaluating the

advantages and drawbacks of a particular property, be sure you know the difference between acceptable

and unacceptable problems. Some issues---peeling paint, worn carpeting, ugly wallpaper -- are cosmetic

and can be easily remedied. In fact, you can use these "problems" during the negotiations to lower

the asking price- after all, you'll need to spend money to bring the house up to snuff. Make careful note

of what you see that can be used to your advantage. Don't nit-pick, however- if taken to extremes, you

could end up alienating the seller and creating a hostile atmosphere.

Other problems may be warnings to walk away. Major foundation cracks, evidence of previous water

damage, signs of serious dry rot or termite damage, antiquated electrical systems or plumbing- any

one of these may be cause to reconsider your interest.

Don't let a house's positive attributes blind you to very real problems. If you do, the chances are good

that you'll end up spending much more money that you ever expected down the line.

Tip No. 10 - Hire a Professional Home Inspector - In my experience, spending a few hundred dollars

on a professional home inspection is the best investment you'll ever make. A professional inspector

brings experience in examining a great many homes, good evaluation standards and an unbiased

perspective. And a written report can be an excellent negotiating tool.

A typical Inspection looks at:

• Foundation ( slab, crawlspace, basement, etc.)
• Electrical, heating and plumbing systems
• Floors, walls and ceilings
• Attic
• Roof
• Siding and Trim
• Porches, patios, and decks
• Gargae
• Property drainage

Make sure you accompany your inspector on the tour. You'll learn a lot about the home you're

thinking of buying.

Once you have your evaluation, the decision to proceed is yours. A home inspector only gives

you a professsional opinion of the home's condition, not advice as to whether or not you

should buy.

Copyright by Terry Westbrook 2008

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