What More Should I Look For When Buying A New House?
Mу sister, bro-іn-law аnԁ I аrе buying a house together. Wе found a ɡοοԁ neighberhood іn Palmdale, CA. Thе model іѕ аmаᴢіnɡ, аnԁ thе lot wе аrе considering іѕ hυɡе. Thе price іѕ low аnԁ affordable, thе city іѕ expanding аnԁ wе thіnk thаt ѕhουƖԁ drive up values іn a few years, аnԁ none οf υѕ hаνе аnу kids. Wе feel confident аbουt thіѕ development аnԁ аrе ready tο act. Cаn уου guys thіnk οf anything wе mау hаνе missed? Wе аrе getting prequalified. Wе аƖƖ hаνе ехсеƖƖеnt credit ѕο wе anticipate a ɡοοԁ rate!
Think about if you or they will have kids in the future. Or if you want a place of your own in the future, it may not be as easy to get a loan for another home for yourself later on.
Also, what I always recommend is getting a home waranty on the house and continue to have one while you own the home… usually about $300 per year. Although, some new home developments give you a free home warranty with purchase. Just be sure to read the details of what the waranty will do for you. For example, if it says, plumbing coverage… read about what, exactly, it will cover and find out what it wont cover. If I were you I would get minimal coverage for now since it is a new home then think about more coverage in the years to come. I recommend using American Home Shield.
Another thing you may want to consider is getting a home inspection… another $300-$400. Not always necessary for new homes, but unless you know the history of the builder/construction company, it cant hurt. It’s just that sometimes builders build homes just barely getting by with building the poorest quality homes that they legaly can, just because it’s cheaper.
Other than that, I think you’ve got everything covered. Good Luck!
Did you research the builder? What about qualify and service follow up.
I would talk with at least 5 homeowners of this builder and see what they say. Just walk the neighborhood and stop and talk.
Be sure the ownership issues are spelled-out in black and white and pre-agree on what happens if one or the other wants to cash-out. What percentage does each own?
Be sure you pre-agree on such things as what happens if you want to move someone in. Do the expenses go four-way?
Sit down and list the “house rules” so everyone knows up front what is expected, tolerated and/or forbidden. Are expenses divided in half or thirds?