Buying a House

Here are Some Things to Know...

By Ashley Donnelly

Buying your first home is an exciting milestone and a great investment! However, it can also be intimidating and stressful trying to make sure youre buying a quality home. Having a realtors experience and guidance can help greatly with this. They will guide you through the process, make sure youre protected and ensure you have enough due-diligence days to get a thorough inspection. An experienced realtor has also seen enough homes to know the red flags to look for before you must pay for an inspection. Buying resale and new construction are two totally different experiences. Here is what to look for and expect with each:

Resale Homes:

One thing to consider when purchasing a resale home is the age of the major components (HV/AC system, roof, water heater, etc.). The average life span of these items generally ranges from 10-20 years. So, if theyre older but in good, working condition, at least youll be prepared and know to budget for possible replacement in the future. In many cases, the seller will agree to offer a one-year home warranty, which will protect you in your first year if any of these major components give you trouble. A home warranty generally does not exceed $500.

In Georgia, it is very important to make sure that the home is termite-free. Usually, the seller will agree to provide a clear-termite letter before closing to make sure there is no activity.

A Sellers Property Disclosure usually tells you anything and everything that the owner knows about the home, and what stays with the home after purchase. Make sure you read this closely, and ask any questions you may have. It could be a big disappointment if you think youre getting a refrigerator, and its not there on move-in day.

Having an inspection is always recommended. A good inspector will point out any major issues that you might not notice on your own. Many times, negotiations can be made to have the seller make repairs or credit the buyer for work that needs to be done. The good thing about due diligence, as noted earlier, is that you can back out with your earnest money protected if anything turns out to be a deal breaker.

When doing the final walkthrough, usually a few days before closing, you will want to make sure no major damage or changes have been done since you last saw the home. You also want to make sure that any repairs that you negotiated have been done correctly. Usually, the buying and listing agents keep one another updated on these issues well before the final walkthrough. Contracts generally state that the home should be broom swept. In other words, the home should not be full of boxes or garbage, and should be clean enough and suitable for move in. Remember, when purchasing a resale, its not always easy to see all the scratches and stains until all the furniture is moved out of the home. Sellers should leave the home the way they would hope to find it, and most of the time, they do.

New Construction Homes:

New construction is a different ball game, and generally simpler when it comes to the walkthrough. During the final walkthrough, usually a week or so from closing, you will want to make sure everything was completed in accordance to your agreement (colors, finishes, upgrades, etc.). You can look for any scratches, paint touchups, etc. There arent usually too many surprises at this point because most of the time, the buyer has been visiting the home during the construction process.

It is the buyers choice whether to have an inspection or not. With new construction, builders are required to have inspections and code requirements checked and met throughout the entire building process. Most builders offer a warranty, and with the system and components being new, there are usually warranties on those as well.

Any time you move into a new construction, minor things may come up in the first couple of months you live there. After moving in, buyers should keep a list of anything they notice that might need adjusting, and call their realtor/builder when they have a list of more than just one or two things. Remember, its imperative to make sure you go into this process with a trustworthy builder who honors a warranty.

Its important that you are not shy during the walkthrough process. Buying a home is one of the biggest investments you will ever make. Homebuyers deserve a well-built, beautiful home.

Ashley Donnelly is a realtor with Keller Williams Realty Partners/Woodall Family Realty. 678-230-2911. WoodallFamilyRealty.com