30 Jun 08 Home Inspection Checklist

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If you are planning to buy a home, you are likely planning to sell a home too. One of the usual steps in the buying and selling process involves having your home inspected. Below is a list of commonly inspected areas of a home.

Many home inspectors will begin their routine with the home’s foundation. Cracks can occur from earth settling below, which can lead to moisture seeping through. If there are cracks in your foundation, be sure to have a professional contractor come and repair the problem.

Expect your roof to be given a thorough overview, as a damaged roof can lead to much bigger problems – often associated from water damage. Reroofing a worn roof can often add value to your home, but only reroof if it is absolutely necessary; otherwise have any damages repaired by a professional roofing contractor.

Once inside your home, an inspector will look for any obvious signs of damage to walls, ceilings, and floors – e.g. stress fractures in walls, water damaged ceilings, and cracked tiles or worn out carpet. Additional interior inspection will include checking the heating and air-conditioning systems, doors and windows, plumbing, leaking sinks, electrical fixtures, and electrical outlets – to ensure they are properly working.

If selling your home, be sure to have as many of these items fixed before your scheduled inspection to prevent having to do so afterwards. In today’s market, most problems that are discovered will likely need to be repaired before listing your property; or you may not receive your home’s full value upon selling.

Tags: buying a home, foundation, home inspection, home inspection checklist, home selling tips, interior inspection, new home inspection, outside inspection, roof repair, selling a home

24 Jun 08 Can Homebuyers Trust Online Real Estate Valuators?

As more and more homebuyers turn to the Internet to help them in their search for their next home, many have stumbled upon home valuator websites such as Zillow.com and Cyberhomes.com. The premise of these websites is simple – they allow the user to enter an address and a computer generated value is then outputted. While these services are designed to aid homebuyers when researching a prospective home, problems have continuously arisen with inaccurate values being taken far too seriously by users.

The San Francisco Chronicle recently did a report on the accuracy of these types of websites. They reported that the percentage of errors on home estimates from such websites is still very large. After reading the story, I decided to enter my home address into both Zillow.com and Cyberhomes.com.

Zillow.com estimated my home to be worth $478,500, while Cyberhomes.com estimated my home to be worth $514,701. Zillow.com told me that my home is 1,833 square feet, 3-bed, 2-bath, on a 17,056 square foot lot; Cyberhomes.com didn’t know how many bedrooms there were, stated my home to be 2,090 square feet, with 2 bathrooms, on a 22,220 square foot lot. In reality, my home is 2,200 square feet, 4-bed, 3-bath, and to be honest I do not know the actual lot size or its current market value.

These particular discrepancies can be very misleading for a potential buyer, should I ever decide to sell. I am willing to bet that discrepancies exist in the majority of home valuations created by these sites, especially for users that do not have comparable sales in the area of the home they are researching.

The truth is… a home is only worth as much as someone is willing to pay for it, and in today’s market I wouldn’t suggest anyone base their asking price on the estimation of a website using computer generated figures. For a true valuation of your home, I strongly recommend hiring a professional home inspector to conduct a walkthrough inspection of your house and then a professional appraiser. I also suggest that you compare your home to those of homes in your neighborhood that are currently listed, or have recently sold.

Curious to see how far off Internet home valuator websites are on your home? I am! If you have the time, let us and our readers know!

Tags: cyberhomes.com, home estimates, home inspection, home valuator, home values, homebuyers, house value, market value, the san francisco chronicle, zillow.com

04 Jan 08 Home Buying Guide: Part 1

For most of us, buying a new home is the most expensive and important purchases we will ever make. Homes should always be thought of as an investment, but in most cases, you buy a home to accommodate your living needs and wants. Whether you are buying a home solely as an investment, or buying a home to live in, there are numerous things you should know and consider about the house before you buy it. This post is part one of a two part Home Buying Guide designed to inform the average home buyer about some of the things to consider when purchasing a home.

Housing prices are often determined by location, size, features and the condition of the home. In today’s market, the average home can easily cost a home buyer over two hundred thousand dollars. This is why it is important for the home buyer to think about all aspects of the purchase before buying a property. Very few people can properly assess a home’s condition and value, which is why you should always have a professional appraiser and real estate agent look at the property prior to purchasing it.

Be sure to keep your present and future needs in mind when shopping for a new home. If you are buying a home to live in, will you be living alone? How much home can you afford? Do you plan on increasing the size of your household? If so, is there adequate space for additional rooms? How long do you plan on living in the home? Do you want a new home or a resale home? etc…

Location, location, location. We have all heard that saying before, and as you might have guessed; there is a very good reason for the repetitive phrase. Buying in a good location is important for a multitude of reasons. Some questions you should ask yourself, or perhaps your real estate agent, are: “Is this home in a good neighborhood or a bad neighborhood?” “How far away will I be from work, shopping, and schools?” “Is there convenient access to freeways?” and so on. Make sure the location meets your wants and needs, and is in a neighborhood and area that will be attractive to potential home buyers when you decide to resale your home.

In regards to the actual home, there are several important factors to take into consideration. Do you want a single-family home, custom home or a condo? Does the home builder have a reputation that may negatively affect your chances of reselling the home? Does the home have features and appliances that you’ve always wanted? How does the home look aesthetically? Is the home in good condition? If the home is not exactly what you want, how much money is needed to make necessary repairs and improvements? If a home isn’t initially pleasing in its appearance, can it be? If so, what needs to be done and how much will it cost? Keep in mind that changing the homes architectural style is not easy and can be very expensive.

A home buyer should always think about every aspect of a home before choosing to purchase it. It’s important to ask the advice of real estate experts to ensure that when you do buy a new home; your home not only meets your needs but is also a good investment.

Tags: buyers guide, buying a home, home buying, home buying advice, home inspection, homebuyer, Homes for Sale, housing prices, investing, new homes, Real Estate, real estate investment