■ Matt McPherson / Columnist
As home prices continue to rise and available properties become more scarce, many eager home buyers are simply settling for what they can get. During escrow, buyers tend to overlook some very important issues during the due diligence period in an attempt to close escrow as quickly as possible and move into their new home.
Buyer’s remorse occurs more frequently in this extremely competitive market and can have a serious impact on your personal enjoyment of the property. Here are a few things to look for when purchasing a home.
The way a street looks during the day can be drastically different at night. During the day the street might be clear of cars, where at night the street may become packed with such vehicles as work trucks that complicate parking. Make sure you check out the home you like at night before you find out too late about parking situations.
Proximity to major highways, freeways and thoroughfares is always a major factor when selecting a neighborhood. Early morning school traffic and evening traffic after work can seriously impact the time spent on the road when trekking to and from locations. Prior to closing escrow, make sure to tour the evening and morning drive between your work and the house.
Homeowner Association Rules
One of the biggest regrets among buyers in gated communities and master planned neighborhoods is the covenants, codes, and restrictions (CC&Rs) set forth by Homeowners Associations (HOA). Make sure to read all the HOA rules and restrictions during your due diligence period to ensure you are willing to comply with all of the rules.
Situations such as yard maintenance and requirements, pets, types of vehicles and community property are all very common in HOAs and many times overlooked until it’s too late. Make sure to do a detailed study and ask a lot of questions if ever moving into a community or neighborhood with HOAs. Talk to some of the people living in the neighborhood and see what rules they like and do not like.
Specialty items on or in a property can also play a serious role when securing financing and can affect the quality of life in the home. Solar panels, septic tanks and pools should always be properly inspected and researched prior to closing escrow and these inspections are necessary when securing a loan. Many times a quick inspection can overlook some issues that may evolve into major problems down the road.
It is strongly suggested a thorough and diligent inspection of all specialty items take place to ensure peace of mind down the road. Make sure to have them assessed by specialists who go beyond a general inspection. Local home inspection companies such as Peace of Mind Home Inspections owned by Kelly Messick have been a godsend for some of my transactions. He does a tremendous job crawling under the homes and in the attic, taking detailed pictures of any flaws with the property.
These four situations are just a few of the many factors to consider while in the process of purchasing a home, and can make a huge difference when you go to sell the property in the future. Make sure you’re knowledgeable about the property inside and out before committing to a property that may surprise you afterward.
Matt McPherson is a licensed real estate agent with Coldwell Banker Associated Brokers, BRE # 01362837. Reach him at 951-315-7914 or McPhtown@Aol.com.