7 Things First-Time NJ Real Estate Homebuyers Should Do When Purchasing a Home

What to look for to avoid making a big mistake with the most significant NJ real estate purchase of your life

 

After investing much time and effort, finally finding the perfect home for you and your family can be one of the most relieving things, especially for first-time homebuyers. However, it is not until things settle down that you may discover that the foundation is cracked or the roof leaks. With that, you will be faced with the possibility of accounting for several expensive repairs and unexpected home-improvement costs. Homebuyers, especially first-timers, are many times looking at the wrong things when they buy a house.

Below are 7 tips on what to look for when considering the purchase of an NJ real estate property:

Inspect the Foundation

The foundation of a home is likely one of the most expensive things to fix, which is why you should go down to the basement before you even look at the rest of the house. If any cracks are visible, this might be an indication that the foundation might be structurally unsound. If the basement is finished, you want to look for cracks in the drywall, especially around doors and windows.

Inspect the Electrical System

If you are looking at a home built prior to the 1930s, you will want to inspect the wiring and ensure that it has not been tampered with, creating a fire-safety hazard. Most insurance companies consider some wiring, such as knob-and-tube, to be unsafe so you are either going to have to pay more or be denied of homeowners insurance if this is not remedied. Replacing it means rewiring the entire NJ real estate home, which will cost tens of thousands of dollars.

Look for Water Damage

If the home has had water problems in years past, a number of expensive repairs could be involved. Basement leaks can lead to water damage and mold, especially dangerous black mold. You will want to look for brown or white stains down the side of the basement walls which can be indicative of a prior leak. If the floor is bare, look for horizontal stains. Also, be suspicious if the basement has been painted recently, as sellers often do this to hide water-damage stains.

Inspect the HVAC Equipment

While in the basement, look at the heating and cooling equipment to make sure everything looks okay. You will want to address such questions as the age of the unit, and whether it is running properly and the vents connected correctly. These are important questions to answer to make your NJ real estate home energy-efficient and to reduce your utility bills. While replacing a home's HVAC system can cost thousands, many first-time buyers often overlook it.

Get a Home Inspection Done

Although this may seem like common sense, many first-time buyers forgo a home inspection in an effort to save money when they believe the NJ real estate property looks fine. If the home inspector says more research is necessary or files an inconclusive report, a wise idea is to get a second opinion.

Look At the House At Least Twice

Quite often, home buyers are eager to place an immediate offer when they think they have found their dream home. In this situation, it is best to sleep on the decision to make an offer and revisit the house a few days later.

Remember What is Too Good to Be True Most Likely Is

Trust your instincts when it comes to purchasing NJ real estate. If the price of your dream home is suspiciously low, it is probably for a good reason, so be aware. Buying a house is a huge decision and investment, especially if it is your first home. Do not let appearances and first impressions influence you.

 

The NJ real estate market is changing rapidly and expanding into new avenues almost daily. Sometimes it can be very difficult to find the answers you need on a specific topic or issue. In times like these, you need a real estate professional who will provide valuable information and trustworthy advice. For more information about NJ real estate, call us today or click here to be connected with one of our top real estate specialists.