When buying a home, there are several things you should know. You should check to ensure the home you want is not prone to natural disasters, get a pre-approval letter, and learn about the history of insurance on the property. In addition, you should ask about the condition of the appliances. You can also hire professionals from Your Home Wichita to assist you in buying a home.
Find Out if a Home is Prone to Natural Disasters
If you are planning to purchase a new home, it’s essential to find out if a particular location is prone to natural disasters. This information can affect your purchase decision, including insurance costs and property taxes. It also can affect your mortgage rate.
Knowing if a home is prone to disasters is essential to protect your family. Homes built in areas with high earthquake activity may experience earthquake damage, while homes prone to tornadoes should have storm shelters installed to protect from tornadoes.
Get a Pre-Approval Letter
Before buying a home, you’ll want to get a pre-approval letter from your mortgage lender. These letters will indicate your maximum loan amount and your estimated interest rate. Your lender will review the documents you submit and perform a credit check. This process can take a few days or weeks, so you should get pre-approvals as soon as possible.
Getting a pre-approval letter lets you shop for homes with confidence. It lets sellers and real estate agents know you have the money to buy a home. It also shows the seller that you are serious about purchasing the home. The seller will likely accept your offer if you have a pre-approval letter.
Check The Insurance History
One important thing to consider when buying a home is its insurance history. This can affect the cost of insurance. A house that has experienced a lot of damage in the past has a higher risk of experiencing future problems. For example, a home that was damaged by a flood may develop mold. You can minimize the risk of future issues by checking the insurance history of a home you’re considering.
You can request a copy of the insurance history of a home from its insurance company. This will tell you how many claims were made against the property. If the home has had a lot of claims, the insurance carrier may be more likely to raise the premium on the property. Insurers also use this information to determine risk.
Condition of the Appliances
One way to find out the value of a home is to ask about the condition of the appliances. Many homes are sold with refrigerators, and washers/dryers included. However, in some instances, buyers are expected to bring their appliances. Therefore, it may be illogical to ask the seller to supply them. However, it is a good idea to determine how much it would cost to purchase them.
Another way to ensure you get a good deal is to ask about the age of appliances. The previous owner might have installed some appliances, but they need to be fully functional. If you have the time, you can inspect these appliances and negotiate a lower price if they need to be replaced. However, if significant appliances aren’t functioning correctly, you should always hire an inspector to determine their condition.
Check for Non-Conforming Additions
It is essential to check for non-conforming additions when buying your home. Whether a non-conforming addition is permitted can affect the home’s value and whether you qualify for financing. For example, if a garage was converted to a utility room, that addition may not be a living space. You also should be aware that some lenders only approve non-permitted additions if the addition is attached to the home. Shopping around to find the best loan terms is possible, but you should be aware of potential lenders’ guidelines.
Some older homes may not have been updated to meet new zoning or building codes. In such cases, the seller can rest assured that they are not liable for the non-conforming addition if it was placed before the new requirements. This is known as “lawful prior non-conforming use” in legal terms.