Helpful Mortgage And Real Estate Advice

What Other Issues Should I Consider Before I Buy My Home?

By on January 16, 2014 in Mortgage Videos

You’ve checked the plumbing and the roof of your dream home, and everything seems perfect. If you are ready to place an offer on a property, you should also consider several other factors before jumping into a property investment. Mother nature, and local laws, may treat your potential new home poorly in the future. Protect yourself by asking questions about weather and zoning.

Flooding Concerns

Walk around your favorite property and examine the land. It should not have any low-lying areas that allow water to puddle. However, you may not be able to see the property’s true location unless you ask or access local flood maps. Many properties reside in large basins with the tendency to flood during heavy rains. Ask your realtor about the home’s flood potential. Legally, they must divulge any information about potential floods or point you to a knowledgeable outlet. The home may require flood insurance that increases your overall monthly expenses.

Areas Prone To Natural Disasters

Research or ask about the area’s local climate. Tornadoes, hurricanes and earthquakes are not everyday occurrences, but they do play a part in your home buying decision. Extra insurance is often necessary for high-risk areas. You may even need a safety room, especially for tornado country, to keep your loved ones safe.

Ask your realtor about any hazardous materials issues. Local businesses, such as refineries or manufacturing plants, may produce toxic chemicals known to be harmful to residents. Research the new property thoroughly to avoid damaging surprises.

Building Code Compliance

The property should have all the necessary permits filed with the local housing authority to comply with all building code laws. You can also check on compliance with the home inspector when they visit the property. If you have any concerns about an addition or structural alteration, point the item out to the inspector. With their official training, they should be able to tell you if the property is within code or not.

Zoning Laws And Your Home Remodeling

Zoning laws are enforced to keep residential and commercial entities separated for quality of life and safety. Ask about the zoning around the property to ensure that you can alter the structure in the future, if desired. Additions, for example, may not be allowed in certain zones.

Purchasing a new home involves many questions about structure, neighborhood and climate. Take your time and ask your realtor about these issues to avoid future problems.


About the Author

About the Author: Jessica Lucas is the managing editor for Mortgage Home Base, a top real estate finance blog dedicated to helping borrowers and home buyers understand the home loan process. Follow Jessica on Google +, and share your comments here. .
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