I am a First Time Homebuyer, What Should I Look For?

Buying your first home is exciting, but it can also be easy to focus on the kitchen, bathrooms, flooring and paint while overlooking the things that can cost thousands of dollars after you move in. If you want to minimize unexpected repairs during your first few years of homeownership, look beyond the cosmetics and pay close attention to the home’s major systems.

Start With the Big-Ticket Items

Before making an offer, find out the age and condition of the roof, furnace, air conditioner, water heater and major appliances. These are some of the systems that can create significant expenses when they fail.

A newer roof can be a major advantage, particularly if it has documentation showing when it was installed. For heating and cooling equipment, ask how old the furnace and air conditioner are and whether they have been regularly serviced. Also check the water heater. A home with several aging systems may look like a great deal until you start replacing them one at a time.

Pay Close Attention to Water

Water is one of the biggest enemies of a home. Look carefully for water stains on ceilings and walls, musty smells, peeling paint, damaged flooring and signs of previous leaks.

Check the basement or crawl space carefully. Look for cracks, moisture, sump-pump problems and evidence that water has entered the home in the past. Outside, make sure gutters and downspouts move water away from the foundation and that the ground slopes away from the house.

If the home has a sump pump, ask how old it is and whether there is a backup system.

Look at the Electrical and Plumbing Systems

Don’t overlook the home’s infrastructure. During your inspection, pay attention to the electrical panel, wiring, outlets, plumbing supply lines, drains and shut-off valves.

Older electrical panels or outdated wiring can become expensive projects. Plumbing leaks may not be obvious during a quick walk-through, so a professional inspection is especially important.

Don’t Skip the Home Inspection

A professional home inspection is one of the best investments a first-time buyer can make. The inspection should go beyond identifying cosmetic issues. You want to understand the remaining useful life of the major systems and what repairs may be coming soon.

Don’t be afraid to ask the inspector questions such as:

• How old is the roof?
• How much life is left in the furnace and air conditioner?
• Are there signs of water intrusion?
• Are there foundation concerns?
• Is the electrical system up to modern standards?
• Are there plumbing problems?
• What repairs should be addressed immediately?
• What major expenses should I expect over the next 3–5 years?

Look Outside the House, Too

The condition of the property surrounding the home matters. Examine the driveway, sidewalks, deck, siding, windows, drainage, landscaping and trees. Large trees close to the house can create future roof, gutter or foundation concerns. A deteriorating deck or driveway can also become an unexpected expense.

Ask for Maintenance Records

If the seller has receipts or records for HVAC service, roof replacement, plumbing work, electrical work or other major improvements, review them. A well-maintained older home can sometimes be a better purchase than a newer home that has been neglected.

Think Beyond the Purchase Price

The cheapest house isn’t necessarily the least expensive house to own. Before buying, estimate what you might have to spend on major repairs during the first five years. A home that needs a roof, furnace and air conditioner soon could cost considerably more than a similar home that has newer systems.

The goal for a first-time buyer isn’t to find a perfect house. It’s to find a house where you understand what you’re buying and aren’t immediately faced with major surprises. Look past the fresh paint and beautiful kitchen, investigate the home’s major systems, get a thorough inspection and ask questions about anything you don’t understand.

A little extra research before closing can save you thousands of dollars and make your first years of homeownership much less stressful.