Home buyers checklist

Home buyers checklist   

Identifying the key features of a new home or property requires an understanding of the different options, opportunities and factors in the home. While each buyer is unique, PrimeSource Real Estate professional realtors have worked with countless buyers to identify unique factors that can help you properly map out the buying process. Careful attention to detail when evaluating, negotiating and moving into your new property can help make the process go much more smoothly. This guide outlines the major check list factors that should be considered when buying a new property to help you properly evaluate a new investment opportunity.  

While there are nearly an unlimited number of factors in the decision-making process, the professional realtors at PrimeSource Real Estate can help improve the organization of the process. To make the buying process more organize, we categorize the most important factors for home buyers in groups of structural, legal, financial and personal categories. While a home may not meet all of your wishes or demands, finding a property that meets the majority of these factors can help ensure you get the very most out of your investment.
Structural factors for home buyers

One of the most important factors in buying a home is ensuring the structural condition of the property and grounds are solid. In order to properly evaluate these factors you’ll need to get information from the following documents:
  • The Hazardous Materials Inspection Report
  • The Soils Report
  • The Structural Engineer's Report
  • The Home Inspection Report
  • The Radon Inspection Report
  • The Termite Inspection Report
  • The Home Warranty Policy
  • The Survey or ILC (Improvement Location Certificate)
  • The Subdivision Plat Map
  • The Floor Plan Drawings
  • The Current Appraisal (within the last 3 months)
  • The Current Well Inspection Reports (within the last 3 months)
    a. The Potability Report
    b. The Production Report
    c. The Recovery Rate Report
    d. The Well Permit
    e. The Well Log
  • The Current Septic Inspection Reports (within the last 3 months)
    a. Evidence that septic tank has been pumped
    b. The Septic Inspection Report
    c. The Septic Permit
  • Synthetic Stucco (Exterior Insulation and Finishing System)

Legal and regulatory factors for home buyers

Another important factor in determining whether a particular home meets your needs is the legal and regulatory factors involved in the home buying process. Ranging from specific covenant and agreements which impact the property to ensuring the property is in good standing should be at the core of your research process. Finding a home that is in good legal standing could potentially save you substantial time and headaches as you research the home buying process:

  • Subdivision Covenants
  • HOA Rules and Regulations
  • Easements or Encroachments affecting the property
  • Rights of Way affecting the property
  • Building Permits for all improvements on the property
  • Owner's list of all improvements done without building permits
  • Owner's list of all non conforming uses of the property
  • Flood Zone Information
  • Zoning and Use Information
  • Mining, Abandoned Mines and Subsidence Potential Information
  • Legal proceedings which may affect the property
    a. Foreclosure Proceedings (current or anticipated)
    b. Tax Liens or Filings (current or anticipated)
    c. Lis Pendens (notice of legal actions to be filed)
    d. Lawsuits (current or anticipated)
    e. Bankruptcy (current or anticipated)
    f. Divorce Proceedings or Decrees (current or anticipated)
    g. Zoning or Use Changes affecting the property
    h. Other
  • Encumbrances affecting the property

Financial aspects of home investments

Due diligence in terms of the financing standing of a property can help ensure you understand the financial costs and risks involved with taking over a mortgage. We can help you properly research the 

financial standing of a given property by looking at these baseline factors:

  • Loan Information (if assumption)
    a. Lender name, address and phone number
    b. Loan Number
    c. Loan Balance
    d. Loan Date, Rate, Term, Amount and Conditions
  • Monthly Utility Bills for Last 12 Months
    a. Electric
    b. Gas (propane, oil, etc.)
    c. Water
  • Owner's list of all energy features
  • The Home Energy Efficiency Rating Report

Personal factors for home buyers

A new home is a gateway to a new community, and understanding the following factors can ensure your household integrates well into a new area:

  • Home Owner Association information (name, address, and phone)
  • Owner's list of all major repairs or improvements (including date)
  • Owner's list of all Warranties which are still current
  • Information on neighborhood organizations/amenities
  • Information about area schools and churches
  • Access to private and public transportation
  • Megan's Law information

Home inspections

Property utilizing the home inspection process can provide a layer of protection against future costs for both home sellers and sellers. Understanding the condition of a given property can provide insights into necessary work, helping to make smart investments to improve a structure before costs escalate. PrimeSource Real Estate has worked on thousands of real estate transactions and can help ensure the home inspection process can prepare your property for sale, purchase or everyday living. We have crafted a science to the art of buying a home, and can help ensure the inspection process gives you a clear picture of the necessary repairs to keep the property in good standing.

Effective inspections should provide a complete view of the condition of each elements of your home from heating and cooling to plumbing, wiring, insulation, foundations and structural elements. Keeping these elements in good condition, whether you have a new or older home, is an essential part of the process. Many first time home buyers don’t realize the true costs of home ownership given the necessary upgrades or maintenance – we can help ensure you fully understand the condition of the home from beginning to end so you can better understand the ownership process.

 

How to Property Inspect a Home in Advance of a Real Estate Transaction

While we certainly recommend property inspections in advance of a home purchase, it’s important to get the right inspector for your home. Finding the right Building Inspector requires working with an experienced professional who is properly licensed and has a track record of accurate inspections. We have built a network of inspectors who continue to deliver quality results over time, offering clients better access to insights into the condition of properties before they buy or sell. No matter which stage you are at in the real estate transaction process, an inspection can offer objective insights into the nature of a property.  While a seller or builder may recommend one of their trusted appraisals, you should insist on an objective, 3rd party licensed inspection so you can accurately evaluate a given property for such a large investment.

Buyers should always consider multiple properties when making a new home purchase and an inspection can provide insights into which real estate properties offer the best value for a given purchase. Getting a timely inspection can give you a checklist to evaluate the costs of properly fixing up a home in advance of a transaction – these costs should be factored into any home sale or purchase so you can more accurately evaluate a given property.  We can help you negotiate a purchase agreement conditional upon an objective inspection so that the necessary repair costs are factored into the transaction more fully. Working with an experienced professional from PrimeSource Real Estate can offer you insight into an objective sales process guided by an accurate understanding of the costs of home ownership.

The quality and comprehensive nature of the inspection are of crucial importance to the evaluation process. Looking at the external factors of a home can be misleading if there are underlying problems to the foundation, walls or utilities. While a home may look solid from the outside, these may be structural factors that impact its condition, valuation and the underlying transaction itself. Effectively pricing in any necessary repairs or updates to a property can ensure the contract is fully compatible with your needs and requirements as a home buyer or seller. Just as you wouldn’t complete a real estate transaction without an appraisal or background research, an inspection provides necessary insights into  the underlying condition of the property.


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