If you’re thinking about buying a new house in Minnesota this year, now is a perfect time. The housing market, which was so hot last year that homes were selling almost immediately and often over asking price, has slowed a little. At the end of 2017, Zillow noted that 7.3 percent of Minnesota homes for sale were listed at reduced asking prices. Prices and inventory have both fallen since summer, too, giving buyers a little more power now than when the market was at its peak.
But no matter how good the market is, don’t be so delighted by the current prices that you forget the tips for buying a new home. Here are five things to look for in a new home in Minnesota, to make sure that you’re getting as good of a deal as you hope.
Signs of deferred maintenance
Some essential things to look for when buying a new home are signs that a seller has been putting off important maintenance of their home. Look for signs that minor maintenance has been left undone, and check behind pictures and furniture to make sure the seller isn’t hiding anything.
Signs of foundational issues
Small cracks in the foundation are okay, but gaping cracks might spell trouble. Other signs of problems include water damage in the basement, sticking windows and doors, and window and door frames that are no longer level or square.
Signs of water damage or mold
Does the house smell earthy or musty when you walk in, or is there an overpowering fragrance that could be hiding something? Be sure to check floors, drywall, window frames, and other places for signs of water damage.
Poorly maintained exterior
Make sure you or your inspector takes a look at the roof and siding to find out what kind of condition they’re in. Damaged roofing shingles and siding can be replaced, but you’ll want to make sure they haven’t been leaking for a while and causing damage that can’t easily be fixed.
Outdated electrical circuits
Turn on the lights one by one, or turn on the appliances one by one, and make sure that adding more of a load to the system doesn’t cause the lights to dim. If they do, it may indicate that the wiring needs to be updated.
While it’s important to know what to look for when buying a new house, remember that no home is going to be perfect. Before you start your search decide how much work you’re willing to put into your new home. Repairs can always be done, but identifying potential problems will give you bargaining power. Once you’re ready to start remodeling, contact All Exteriors and we’ll replace your roof, siding, and help with any other repairs needed.
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