Is Your New Home Really a Good Deal?
When purchasing a new home, it is important to take into consideration the cost of any potential upgrades which will be necessary for the home. What may initially seem like a phenomenal deal may in fact be overpriced when one takes into consideration improvement costs needed to update plumbing, electrical wiring, or roofing.
Upgrades to Plumbing
Plumbing problems are far more common than most people realize and the scope of these issues is immense. They can be anything from a water heater that isn’t working properly to leaking pipes. One of the reasons plumbing upgrades can be difficult to detect prior to living in the home is they often require prolonged use of the plumbing to be noticed. Take the time to try each faucet, indoors and outdoors, to find out if there are any leaks or water pressure issues. Flushing each of the toilets can reveal any issues with faulty components. Ask for the age of the water heater and turn on the hot water in various locations to determine the speed with which water is heated as well as the actual temperature of the water.
Even if the plumbing itself is sufficient, it may be necessary to update various components to bring them in line with your person preferences. Carefully examine fictures in the bathrooms and kitchen to ensure they offer the functionality and style you prefer. If they don’t, take the time to find estimates on how much it would cost to replace them.
Updating Electrical Components
The first thing most people want to know is if the wiring within the home is up to code. While this is certainly something that should be evaluated, it is unlikely to be a factor due to modern building codes. What is more likely to cost buyers money after the sale are the appliances and lights within the home. Appliances that are several years old are more likely to need repairs or replacements in the near future. They are also less likely to meet the most rigorous energy efficiency standards of today. While it may seem like having all appliances included in the purchase price of the home, this can often be a temporary bonus.
The cost of the power needed to keep the home at a comfortable temperature all year should also be considered. If the home price is low but the price of electricity is significantly more than one is accustomed to, the monthly total may still exceed the anticipated budget. It is important to ask the current home owners for the cost of electricity for the past year or for a yearly average from the power company. Prospective buyers can also click here to find out if they have the ability to choose from a variety of electricity providers to lower their cost.
Updates to the Exterior
Updates to the outside of the home may also be required. This could include roofing, landscaping, septic systems, or driveways. It is extremely important that potential home buyers inspect the exterior of the home as thoroughly as the interior.
Depending on the type of roof the home has, it may need to be replaced every thirty years. If a home was build a few decades ago it may be coming to a point where leaks will become more common and repairs or replacement will be necessary. While it is expected that potential home buyers would look for evidence of an existing leak, many are not aware they should ask for the age of the roof in order to determine more accurately when new leaks could develop.
Other exterior components such as landscaping or driveway maintenance may not seem pressing at first but could add substantially to the long-term cost of owning the home and should also be considered. Home owners who are not in love with the way the exterior currently looks will eventually need to invest in updating the appearance. Making the time to get estimates on what it would take to bring it up to one’s expectations can give you a much better idea of the real value of the home.
All of the things that appear as little upgrades can quickly add up to a significant expenditure of time and money. Make sure to tally up the true cost of owning a specific home before making an offer.