Searching For Your Next Home: Looking For Future Repairs And Working The Costs Into Your Budget
When you are looking for real estate for sale, knowing what how much you can spend is essential. Once you work out your budget and get prequalified for a mortgage, you will be able to look at homes in your price range. While the selling price of the home is one factor to consider, you also have to take a careful look at a number of bigger home repairs that will likely be necessary. Once you have a good understanding of the current shape of the home through an inspection, you can make a better decision as to whether you can afford the home or not.
If the Asphalt Shingle Roof is Showing Signs of Wear
An asphalt roof will last about 20 years, longer in temperature climates and for shorter periods in areas with weather extremes. The home inspection will show you how old the roof is, and if there are any repairs that need to be done. If the roof is made out of asphalt shingles and is more than fifteen years old, you can expect that you will have to replace the roof within the next five years. The price of an asphalt roof will depend on how large the home is, the shingles used, and whether you will be removing the current roof first.
When the Electrical System Needs to Be Updated
In general, if the electrical system in the home you are looking at needs to be updated, this is up to the homeowner to repair before selling the home. If the electrical system is old but doesn't break any current codes, then you may need to update the electrical on your own in the future. A home that has a newly updated electrical system is more attractive to buyers, as this is a repair that can get expensive.
How Old the Furnace is Matters
A furnace is expensive to replace, and knowing how old the furnace is can help you make a decision on what to offer for a home that you want to buy. Furnaces last 15-20 years, sometimes longer with continual maintenance and care. If you think the furnace will need to be replaced within a few years, you should offer less for the home or work this into your budget for the next five years.
One of the hardest things about buying a new home is figuring out a realistic budget that works for you.
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