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Despite all my research and conversations prior to buying a home, I missed a couple items.
"Maintenance type" projects do very little to increase the value of your home. They just "maintain" it. Example: Your older home needs new windows. You spend 10k on quality energy efficient low maintenance windows. If you were to put your home on the market one week later someone might offer an additional 1k more, but certainly not 10k more. The point is you really want to buy a home that is well maintained to begin with.
In addition to a normal home inspection consider the following. If the home has a wood burning fireplace, make having the chimney swept and inspected prior to the closing part of your offer. Having a chimney rebuilt is very expensive.
If there is a basement with a sump and there is any question about water, a "drain tile" test would be a good idea prior to the closing. However, a seller probably wouldn't agree to this unless it is an unfinished basement.
I have run across many other things in the first couple years of home ownership but will wrap up this post. Buyer beware and good luck.
Despite all my research and conversations prior to buying a home, I missed a couple items.
"Maintenance type" projects do very little to increase the value of your home. They just "maintain" it. Example: Your older home needs new windows. You spend 10k on quality energy efficient low maintenance windows. If you were to put your home on the market one week later someone might offer an additional 1k more, but certainly not 10k more. The point is you really want to buy a home that is well maintained to begin with.
In addition to a normal home inspection consider the following. If the home has a wood burning fireplace, make having the chimney swept and inspected prior to the closing part of your offer. Having a chimney rebuilt is very expensive.
If there is a basement with a sump and there is any question about water, a "drain tile" test would be a good idea prior to the closing. However, a seller probably wouldn't agree to this unless it is an unfinished basement.
I have run across many other things in the first couple years of home ownership but will wrap up this post. Buyer beware and good luck.
This is a good thread topic, and you make good suggestions.
Also, I think it depends on the buyer. My retired father was looking for a small home, and he's of a generation that knows the value of things like new windows---in terms of how expensive they are, and energy savings.
I think a lot of younger buyers are overly impressed with stainless steel appliances, fancy counter-tops, and cosmetic quick fixes that really show nothing about the bones of the house.
My advice to first-time home-buyers is buyer beware! -- take your time, work with a realtor (I have learned the value of that the hard way), and GET A HOUSE INSPECTION.
On the house inspections, some people take 3 to 4 hours , few others said 2 hours. How long does one take to do the inspection... does it count at all?
for the first time buyers ... the best advice is ... get the underwriting (full approval with financial background check... not just preapproval) done prior to signing the contract. this will show up a preferable buyer and you could spend time in option period in getting the right inspections. time it takes to follow up with lenders or loan processing kills the majority of option period.
Here's an article I found recently that attempts to compare the cost of a renovation against the value when you sell. I found it interesting. Don't know how accurate it is.
On the house inspections, some people take 3 to 4 hours , few others said 2 hours. How long does one take to do the inspection... does it count at all?
Home inspections vary. My main point is a basic home inspection may not uncover all the major problems a person could run into later. Choose an inspector based on recommendations from family or friends, NOT your realtor. Your realtor may recommend someone who is licensed. However, they may not be as forthcoming because they don't want to "mess up the sale" for the realtor who recommended them.
After a couple years I still had many questions about my home and wanted some advice about other potential projects. I had it "re-inspected" by someone else. The second time around I was ready with all my questions. I think it money well spent. I was much more impressed with the second inspector and recommend him to family, friends, coworkers, etc.
On the house inspections, some people take 3 to 4 hours , few others said 2 hours. How long does one take to do the inspection... does it count at all?
It depends on the thoroughness of the inspector and the size of the house. A 2,000 sq foot house takes about 3 hours. It can take longer if it is older as there is typically more to document.
Despite all my research and conversations prior to buying a home, I missed a couple items.
"Maintenance type" projects do very little to increase the value of your home. They just "maintain" it. Example: Your older home needs new windows. You spend 10k on quality energy efficient low maintenance windows. If you were to put your home on the market one week later someone might offer an additional 1k more, but certainly not 10k more. The point is you really want to buy a home that is well maintained to begin with.
In addition to a normal home inspection consider the following. If the home has a wood burning fireplace, make having the chimney swept and inspected prior to the closing part of your offer. Having a chimney rebuilt is very expensive.
If there is a basement with a sump and there is any question about water, a "drain tile" test would be a good idea prior to the closing. However, a seller probably wouldn't agree to this unless it is an unfinished basement.
I have run across many other things in the first couple years of home ownership but will wrap up this post. Buyer beware and good luck.
Low e windows are an upgrade and add value in my area. If you spent $10k, you could add $10k to the cost.
All chimneys should be inspected and, at least out here, home inspectors look at the masonry. They won't remove the chimney cap as they can't per Oregon law, but a complete rebuild is obvious. I can see most of those from the ground.
We only have basements in really old houses before they did drain systems.
Low e windows are an upgrade and add value in my area. If you spent $10k, you could add $10k to the cost.
All chimneys should be inspected and, at least out here, home inspectors look at the masonry. They won't remove the chimney cap as they can't per Oregon law, but a complete rebuild is obvious. I can see most of those from the ground.
We only have basements in really old houses before they did drain systems.
Thanks for contributing but I will respectfully disagree with your comments regarding chimneys. A licensed chimney sweep will inspect the interior with a special camera after cleaning the flue. In my case the mortar joints between the old clay flue pieces were severely deteriorated in some places. Some of the clay flue sections themselves were cracked. There was also a bit of a "choke point" that negatively affected the draft. From the outside one can see if the brick veneer needs some tuck pointing or the concrete cap is bad, but that is about it.
After one and a half years of home ownership I refinanced the mortgage for a lower interest rate. The new appraisal was quite eye opening since numerous "maintenance type projects" had been completed. After that I had further conversations with my realtor and home insurance agent about what really impacts the value of my home. You only "get back" a fraction in increased value what you have to put in for many of these projects. That is unless you live there for a long time and get the use & enjoyment yourself.
Of course Portland may be different than here. (On the plus side my home is in an excellent neighborhood.) Thanks
When I bought my house, it still had the original windows from when the house was built in 1957. They were well-sealed and clean, but it did affect my offer. It was lower than it would have been if the windows were much newer. Same with the HVAC system; its age and size affected my offer. The unit they put in doesn't have the tonnage to cope with this house's square footage. Since I converted 420 square feet back into a garage, the AC system copes much better so I haven't had to replace it...yet...but I did lowball. The house itself was very well-maintained, but with two potentially expensive replacements looming...yeah, it affected my offer. And I said as much when the seller came back all pissy.
I replaced the windows within 12 months of buying the house. Cost $7800 and took me a year to pay off. Haven't replaced HVAC yet; that's next on the list and most quotes I've gotten are in the $5-$6k range.
So...even if a house is well-maintained...if some things are reaching the end of their useful lifespan...well-maintained or not...expect a savvy buyer to ding you on their offer.
I'm just glad I bought in a buyer's market.
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Cost vs Value
