How to Avoid Mistakes When Buying a Country House
When choosing a countryside house for yourself, it is important to avoid the classic mistakes that, no matter what, people still make quite often. Even if you consider yourself an experienced person in this matter, do not hesitate to study this simple list, especially since some positions on it may not be the most obvious.
The days of the recent pandemic have only spurred interest in suburban and rural real estate. This is due to the fact that many people find it hard to like urban areas as much as they used to. Many first-time buyers hit the market of cottages, townhouses and land. The desire to buy a house as soon as possible can lead to serious mistakes.
Sign a letter of intent
Quite often first-timers mistakenly project the realities of the urban real estate market on the countryside. The magnitude of supply and demand is greater within cities. Therefore, many believe that if the deal does not go through, it will be relatively easy to find another option. Moreover, some think that if the seller expresses a desire to sell, and the buyer wants to buy, it will just happen.
But you need to understand that countryside real estate is a distinctive product. The alignment of interests of the buyer and the seller can be considered a lottery win. The money is big, so, having agreed on the intention to buy a house verbally, you may put yourself at risk, depending on the current legislation in your country/region. The seller may find another buyer who will offer more.
To avoid this situation, put the preliminary agreements on paper if you have verbally agreed on the deal. Indicate exactly when, how and on what terms you will finalize the whole thing. This will protect you from unexpected developments.
When looking for a house, buyers often underestimate the importance of the location. Accustomed to having everything within easy reach in the city, many people start to pay more attention to the building they’re buying.
However, you need to realize that rural life may imply frequent trips and a high dependence on infrastructure. Some customers do not pay due attention to the infrastructure of the area. The absence of important facilities nearby will lead to a lot of hassle. Not to mention that it is also worth inquiring about the future of the locality – in a couple of years a high-rise neighborhood or a factory may be built nearby.
You should study the location well. Visit in person and make sure there are supermarkets, pharmacies and other services, as well as no factories or potential sites for high-rise buildings nearby.
Many country house buyers who have no previous experience of buying such real estate think that if a house exists and it is not like 100 years old or so, it is in good condition. This opinion is formed when inspecting the facade and interiors, just before rushing to sign a contract.
In fact, there are many terrible deals on the country house market. Even if the condition of the house is acceptable on the surface, technical equipment and load-bearing structures can deteriorate without the owners even noticing. The repair of such structures can be very expensive.
In order to avoid getting into a nasty situation, you can order technical expertise. The specialist will check the condition of utilities and structures of the house, draw the attention of potential buyers to possible problems and predict the price of repair. It is also necessary to check the basement, attic, and roof. Mold and other issues will immediately indicate possible troubles with these places in the future.
It is not uncommon for a buyer to agree to purchase a house under the impression of the interior: furniture, expensive acoustic systems, smart home system, high-class plumbing. All of this, it would seem, is included in the cost of a house. The owner almost always wants to get rid of the old house along with its contents, which helps to sell it.
However, not all sellers do this. Sometimes the question of furnishing and equipping the building is not discussed intentionally, and an inexperienced buyer does not check any details of this aspect. Thus, some clients believe they are buying a turnkey house, but then move into the bare walls.
Therefore, before closing the deal it is necessary to clarify whether the furniture and appliances are included in the cost, as well as to do the property inventory. It is necessary to take photos of all rooms and expensive items, make a list and certify it with the signature of the owner.
Inspecting the house the right way
A country house is usually a purchase for the whole family. It is necessary to take into account the opinion of all the members of your household. Some clients interpret this literally and bring the whole family to check out the house. But you should realize that this will unfocus both you and your real estate agent.
Therefore, it is important to draw up a priority scale before visiting the house or making a decision. Figure out what is important and what is secondary for all future residents of the estate. Then take one or two family members with you when visiting the location – it will be just right.
Finding a good house is much more difficult than an apartment. It’s not just about the layout. A house can be built unprofessionally, sold without care about the legal or moral side of the matter, uncared for since time immemorial, etc.
Any of these troubles can befall a first-time buyer. That is why when choosing a house you need to inspect it from top to bottom. Also, you may need estate tax assistance. Luckily, there’s an expert tax accountant in Brooklyn to help you with that!