Mortgage FAQ: How to Make Sure You're Not Buying a Money Pit
March 9, 2016
"I’VE FOUND A BEAUTIFUL OLD HOME THAT I’D LIKE TO BUY, BUT I’M AFRAID THAT IT WILL HAVE REPAIR ISSUES IN THE FUTURE. I’M GETTING AN INSPECTION DONE, BUT WHAT ELSE CAN I DO TO MAKE SURE IT’S NOT GOING TO BE A MONEY PIT?"
Although there’s no way to guarantee that you won’t have issues down the line, a home’s repair history and its current condition are decent indicators of what kind of problems you may have in the future. Your home inspection will be your biggest and most important tool, so choose your inspector carefully and don’t skimp on the cost. During your inspection, you’ll want to be present for the inspection (and for other inspections, such as pest control, etc.) and physically walk through the home with your inspector.
Don’t be afraid to ask questions about the severity of any current problems or the longevity of areas such as the roof, heating and cooling systems, major appliances, etc. Also, make sure you carefully read through all of the documentation—both your inspector’s report and any reports or disclosures from the seller or their inspector. Pay attention to red flags such as repeated repairs to the same areas, water or leakage issues, structural problems, and any recommendations that you get a specialist to investigate a specific area. If you have any concerns, discuss them with your inspector and your real estate agent.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988. Licensed by the Commissioner of Banks - License No. MB2671