Buyers: Don’t Forget to Do These 7 Things When Purchasing a Home

Northern California Real Estate Podcast with Andrew Lamb

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If you’re a new homeowner, here are seven tasks you need to take up to keep your homeownership experience as stress-free as possible:
1. Save for unexpected problems. You can’t stop your dishwasher from breaking, but you can set aside the funds it will take to repair those kinds of items. Here in California, I recommend saving 1% to 3% of your home’s purchase value. For example, if you bought a $400,000 home, save about $4,000 a year to account for unexpected problems.
2. Form an inspection habit. You don’t want to wait until you have a big issue like a rodent infestation or mold growth. An inspection habit can be the difference between a simple fix and an unaffordable disaster. Take the time to properly inspect your property and check areas like your attic or roof at least once a year. If you’d rather have a certified home inspector give your home an annual inspection, give us a call so we can refer you to the best inspectors in the business.
3. Buy a bunch of furnace filters. Your furnace’s filters have to be replaced quite often. By changing them regularly, you can not only save money by making your furnace last longer, but you can also improve your health. Remembering to buy new filters at the hardware store isn’t always easy, so buy in bulk. The exact number you need will depend on your furnace. First though, take a look at your furnace and make sure you know what size filter it needs. This tip also really helps if you have allergies. In Solano County, we’re known for having some of the worst hay fever in the entire country.
4. Get to know your appliances. Just like cars and TVs, your appliances have different life expectancies. Furnaces usually last 15 to 20 years, while water heaters tend to reach the end of their lifespan at about 10 years. Find out how old your home’s appliances are when you move in and plan for their replacement. Another useful tip we recommend is to get a home warranty when you purchase your home and renew it each year. Doing this can really cut down on the replacement costs because they cover all the major systems and appliances.

5. Take advantage of tax credits. Did you know you can receive tax credits for installing solar panels or purchasing energy star appliances. If you’re purchasing a maintenance-deferred home, there are also energy-efficient mortgages you can obtain.

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Make sure all of your hard work pays off by keeping a record of your repairs and their costs.

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6. Start keeping records. Whenever you make some kind of home improvement or repair, write it down. Make sure all of your hard work pays off by keeping a record of your repairs and their costs. Keep in mind that appraisers will add the full amount of any repair you make to your home’s overall value if you do it within six months of selling.
7. Beef up your insurance. Take a look at your homeowners insurance policy and look for relevant gaps. This is another situation where professional advice can be really helpful. Two areas to consider are flood and fire protection, which aren’t always included in standard policies. You should also consider bundling your car insurance with your homeowners insurance since you now have a much bigger asset—your home—to lose in the event of a lawsuit.
If you have any questions about these tasks or you have any other real estate needs, don’t hesitate to me and my team. We’d love to help you.