Purchasing a home can be a very exciting process. Most buyers, especially first time homebuyers, get a little anxious when they have to do their home inspection.
In most situations, your home inspector will probably find a list of things that need to be monitored, fixed, and or replaced. Don't freakout. There are times when a home is pristine. However, that's not too common.
If your home needs some work, here are three steps to help you budget:
Prior To Submitting An Offer
Before you submit an offer, it's important to checkout the property. Yes, technology like virtual tours have made it easier for buyers to "look" at homes. However, there's nothing better than physically being in the home you want to buy.
When you're in the home, look for obvious things. For example, what's the condition of the flooring? How's the interior and exterior paint? Do the appliances look new or old?
Finding obvious blemishes can help you craft your offering price. There's nothing worse than feeling like you overpaid for the property.
Get Quotes By Qualified Vendors
Everyone has that one Uncle who thinks he can do everything. It's probably in your best interest to get quotes from qualified and licensed vendor.
Think of it this way. When your car doesn't work properly, you take it to a mechanic. When you're not feeling well, see your doctor. Well, if you're looking for new flooring, call a flooring company. If the house needs a new electrical panel, you should get a quote by an electrician, not a handyman.
Just match the repair to the proper vendor. If you're not sure, ask your real estate agent.
Priorities
What needs to be replaced now? And what can wait? Set priorities and stick to them.
If the repairs exceed your budget, you'll have to tinker around with your list. For example, say you need to purchase a new refrigerator. Rather than buying the top-of-the-line model, you might have to settle for something a little cheaper.
-RO