Buyers Market: Keep Your Eyes Open When Buying a Home

For months now the tides have been in the buyer's favor in terms of the housing market. With an abundance of properties on the market, coupled with low interest rates and dropping home prices, now could be the perfect time for a first-time buyer to get a dream home.

Buying a home can be a nerve-wracking proposition. Unlike purchasing a car, you can't take a home out for a test drive. You can only gauge what the home is like through repeated visits to the property and a thorough walk-through by a home inspector.

When many home buyers walk into a home for the first time, they envision what they'll do with the place, including where to put the furniture or what color to paint certain rooms. While these thoughts are certainly warranted, they could overshadow the more important aspects of viewing a home: looking at the structure and systems of the home. What good are gleaming hardwood floors if they are buckled or unlevel, potentially indicating a prior flood or structural shifting of the home?

There are many things a potential buyer should look out for, including what can be seen by the naked eye. These include cracks in the walls or the ceiling, indicating shift of the structure. Cracks in the foundation of a home could be a sign of serious structural problems.

Take a look at the heating/cooling system as well as the hot water heater, etc. Are they newer and in working order? Have they been routinely inspected and maintained by a service person? Replacing major systems of the home can be expensive and labor-intensive.

Electrical system problems will be harder to detect. That does not mean, however, that you cannot look for any potential electrical problems. For example, exposed wiring in rooms or in the basement could indicate a problem. Also look at the electrical outlets. Do they feature two prong holes or three? Older homes may not have the amperage needed to power many electronics and appliances. Although you can convert two-pronged outlets to three with special outlet converters, you might risk overloading the circuits and starting a fire. A quick look at the electrical box will tell you if you have fuses or circuit breakers. You can also see if the home is electrically overloaded, or if there are more circuits for which to set up if you decide to renovate your home.

Water and leaks in a home can cause much damage and undesired expenses. Preliminary plumbing inspection can tell you whether a home is a money pit or one you should still consider. For instance, you should run more than one faucet at the same time to check water flow. Check the drainage of sinks, showers and the toilet to detect plumbing blockage. Look at the pipes. Are there a mix of metal and plastic ones? This could indicate prior plumbing problems, or amateur repairs. Look at the ceilings under upper-level bathrooms or a laundry area. Are they freshly painted? While this might mean the seller was cleaning up when placing the house on the market, it could also indicate he or she was covering up water stains. The same can be said for new flooring in bathrooms or kitchens. Anything that seems dramatically out of character with the rest of the house might be a sign of a coverup.

If you think the home could be the right one for you, consult with a home inspector for a thorough inspection prior to purchase.