 Owning a home is part of the American dream, but during the exciting process of making a purchase, don’t overlook important structural components. It’s natural to gravitate toward a visually beautiful home that has eye-catching elements such as granite kitchen countertops, a large fireplace, an attractive patio, or a well-landscaped yard. These attractive parts of the house stand out, but what you don’t notice can end up becoming costly liabilities.
So, what are the big things you need to look for? Use the following list to avoid expensive repairs that will drain your bank account after closing. As a professional real estate agent, I can recommend a home inspector to check out the following structural components. Roof A roof covers and protects the entire structure of your home, so ensuring it’s in good condition is important. A home inspection can determine if there are torn or damaged shingles, rotting underlayment, or other problems. When roof leaks are not repaired promptly, damage occurs to the attic and ceiling areas, mold and mildew grow, the structural integrity of the home is compromised, and electrical wires near the leak become a fire hazard. Roof problems also contribute to an increase in heating and cooling costs. Foundation A home is built on its foundation, which, if weakened or damaged, can cause serious structural problems. Some signs an inspector will look for include the following:
Old and drafty windows allow cold air to enter and heat to exit, resulting in higher heating and cooling bills. Security is also an issue with older windows; 24% of all burglars enter a home through first-floor windows. New windows have security locks and modern features to make breaking in a challenge for burglars. Cosmetic upgrades are inexpensive and home improvements can be made at any time, but these three structural components are the foundation of a home. Repairs to any of these items can be extensive and expensive. When house hunting, always have a home inspector check out the home before making your final decision to purchase.
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 Interest rates are always changing, and it can be hard to predict when they’ll go up or down. Here are some ways higher interest rates have affected the housing market.
A Balanced Market Home prices are still up compared to last year, but most experts agree that home prices have peaked and are starting to adjust in many markets. Ultra-low mortgage rates brought a large number of buyers into the market, which drove up property prices as buyers competed for available homes. The increasing mortgage interest rate has priced many buyers out of the market. With fewer buyers shopping for homes and inventory increasing in some markets, sellers are beginning to adjust their asking prices to help prospective buyers afford the monthly interest and principal. Less Competition Buyers bemoan the higher monthly payments and reduced budget that come with a high-interest rate, but the flip side of this is that it gives them more leverage in negotiations. The bottom line is that rising interest rates price more buyers out of the market and motivate investors to stay on the sidelines for now. This means that instead of going up against 10 offers, buyers have a chance of being first in line. More Negotiating Power Buyers who can afford to stay in the game have more ground to stand on. Gone are the days of waiving contingencies and inspections. When sellers are more motivated, buyers are able to make reasonable or reduced offers—and even negotiate credits or repairs. This is a huge change from the market frenzy that occurs with ultra-low interest rates. For the right buyer, now may be the perfect time to get into the market before interest rates rise further. Buyers, interest rates are much higher than the rock-bottom rates of the last few years, but they are still historically low. Now is the time to secure a skilled real estate agent to start shopping. Sellers, you can still get a good price for your home, but be prepared to make concessions, such as rate buy downs or even helping with closing costs. |