The choice to purchase a single family home is an important and exciting decision which will provide you a future residence that you can have pride of ownership and invest in its improvements and increase in value. But there are some essential factors that can make a difference in the home you choose to purchase, so here are some recommendations to help you in the process to buy your next home.
Arrange For Professional Inspections
Before you buy a home, there are some areas of the home that you will want to professionally inspect. This includes the home's electrical, plumbing, and HVAC systems, along with areas inside the home that may pose a danger to you. For example, if a home has had water damage or is an older home with poor insulation, you may want to inspect the interior of the home for mold and mildew growth. You can also hire a professional test for the air and surfaces within the home for the presence of mold spores. You may also want to arrange for a professional radon test, which measures the level or presence of any radon gas within the home.
If you suspect the home may have been used to make methamphetamine or want to simply make sure this has not occurred, you can have the home tested for residues on the walls and other surfaces. This is a valuable test because the presence of meth in the home can cause severe health problems and to mitigate the problem you need to nearly gut the entire home of its existing surfaces and replace them.
Check Into Rental Potential
When you own a single family home you can use it as your own personal residence, but there is also a potential for the property to bring in a rent cash flow. You may choose to live in the home for a period of time then turn it into a rental property, or choose to rent it out from the day you take ownership. By renting a house you can charge rent in order to cover the property's expenses, your time and effort into its management, and a positive cash flow at the end.
However, the price of the home needs to be balanced appropriately in its price by what you can charge in a monthly rent. If you buy a home with a high price that makes the monthly payment higher than what you can charge in rent, the house would not be a good rental, as you would need to put your own money into covering all of its expenses. If you are considering buying a house that you may rent one day, be sure you evaluate the home's expenses and cash flow potential before you make that decision.