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10 Financial Factors to Consider When Buying a Home


8
Move-in Ready?
If the house isn't move-in ready or requires any repairs, the costs of those may end up coming out of your budget.
If the house isn't move-in ready or requires any repairs, the costs of those may end up coming out of your budget.
©iStockphoto.com/Bob Randall

Home inspections are essential to buying a home and they most often work in the buyer's favor. Dangerous conditions found in a structure and even flaws can be repaired at the cost of the seller before the buyer takes over the property.

Other improvements are easier to take care of while a home is empty, so finishing wood floors or installing carpeting, or just adding fresh paint colors to rooms, might be an up-front cost and labor charge to consider. Timing the closing of a home sale with an end to a residential rental lease is another factor, and if you're moving into a move-in ready home, it usually works. However, if you're planning for major improvements that will keep you from moving in until they're completed, having a cushion of savings for accommodations and storage if there are delays isn't a bad idea. If a fresh coat of sealant is covering newly refinished wood flooring, for example, and humidity adds days to drying time, you can be stuck outside waiting while new tenants are already settling into your old rental.


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