To keep a dream home from becoming a costly nightmare, buyers should leave their emotions at the curb and scrutinize prospects with an eye toward what makes a solid investment.
Sure, the number of bedrooms, the condition of the kitchen and bathrooms, and the “curb appeal” are important.
But it’s the more mundane or less noticeable things–inside and out–that, if overlooked or ignored, could saddle a wide-eyed buyer with a money pit.
And these days there are a lot of buyers out there who need to beware.
Low mortgage and unemployment rates helped boost housing sales nationwide to a record 4.21 million units last year. A change in the capital gains tax law is also prompting empty-nesters to sell.
These factors have led to a market largely driven by first-time buyers.
The first order of business, says Barbara Lorentz of Nationwide Home Inspections in Fairview, N.J., is to develop a certain detachment.
“You need to look at a house with your head and not your heart,” she says. “A lot of people become emotionally attached to a home because they have an image of a dream home that they’re potentially searching for. If they find a home that even remotely matches that, it becomes an emotional attachment.”
Diane O’Connor, who owned a home in Ridgewood, N.J., for 27 years and another at the ocean shore for 13, had set her sights on a house near her daughter in Lincoln Park, N.J. But the house was found to have significant water damage, and the deal was off.
“Whether you’re buying a car or an appliance, you would do some homework and compare the quality and whatever amenities it has,” says O’Connor, whose family has been in the construction business. “A home is probably the most expensive thing you ever purchase, so being informed is really worth it. It’s just prudent to be a little more aware.”
Unless the would-be buyer has a particular expertise, some areas are best left to a professional inspector. These include heating, air-conditioning and ventilation systems; plumbing; termite inspection, and testing for radon.
Still, it is the responsibility of the buyer to check out certain structural aspects and to determine the age of mechanical items, such as the furnace; whether they’ve had regular maintenance; and if the plumbing pipes are galvanized, copper, or PVC (the latter two are easier to maintain).
“In this market, you have to be aware to look for major structural items and don’t get hung up on small things,” advises Jeanne Cekay of Coldwell Banker in Oradell, N.J. “You really don’t have the luxury of getting hung up on small things.
“You’re there to consider the major components of this house. You are buying a resale, and keep in mind that it’s not going to be perfect.”
Cekay recommends asking for a disclosure statement, on which the seller is supposed to list the home’s problem areas.
The following is an overview of what to look for when shopping the housing market:
“Probably the biggest thing is to take a quick look at the roof,” suggests Carlos Ceballos, an inspector for Guardian Home in Cresskill, N.J. “Make sure there’s nothing missing, nothing broken.”
Use binoculars, or look at the roof through second-floor windows. Also examine the chimney from the roof up. Look for missing bricks and see if the mortar, which connects the bricks, is cracked or missing.
Check the siding and trim; if it is not vinyl, it will need to be painted periodically.
A major interior problem–water in the basement–can often be traced to a problem outside the home. Check the grading, or slope, of the land, and where it meets the house. The ground should slope away from the building; otherwise water can collect and seep into the basement. Clogged gutters often are a sign of roof rot and drainage problems.
Examine the landscaping. Adequate grass cover prevents erosion. Dead trees are a hazard and will have to be removed. Surrounding properties that are on higher elevations could lead to run-off onto the property and cause water damage.
“I’ve seen customers fall in love with the furniture or the decorating,” says home inspector Michael Del Greco of Accurate Inspections in West Paterson, N.J. “They have to keep in mind the overview of the situation, which is very difficult to do as a buyer. Look for anything abnormal, changes that have been made, things that seem out of place.”
Wall-to-wall carpeting can be used to cover hardwood flooring that is in poor condition; ask about the original floor and pull back a corner of the carpeting, if possible.
Another main item to check is the windows. Open and close several, suggests builder Dennis Cohen, chairman of the North Jersey chapter of the National Association of the Remodeling Industry.
“If they go to the windows and see they’re peeling or the putty is loose around the glass, or older ones are missing a rope of chain on the side, then they know they’re going to have to go for a decent maintenance system or a fairly expensive window replacement,” says Cohen.
Windows that are not maintenance-free require painting and reglazing. Wooden windows often expand in the spring and summer, making them harder to open.
Older homes tend to have plaster walls and ceilings instead of wallboard. Plaster in good condition is not cracked or peeling.
