Your Mortgage Blog

Posted on
September 1, 2023
by
Neena Vlamis

Spotting Home Issues: A First-Time Buyer's Guide

Embarking on the journey to find your dream home is an exciting and important step in your life. While the aesthetics and layout of a house may capture your heart during the first tour, it’s essential to keep a keen eye out for potential issues that could impact your decision.

In this guide, we’ll walk you through some valuable tips on how to spot issues with a home during your initial visit.

Inspect the Exterior

Before you even step inside, take a close look at the exterior of the home. Check for any signs of wear and tear, such as cracked paint, missing shingles, or damaged siding. Uneven or sagging rooflines could indicate structural problems. Look for proper drainage systems and ensure that the landscape doesn’t slope towards the foundation, which could lead to water damage.

Foundation and Structural Integrity​

Once inside, pay attention to the floors, walls, and ceilings. Look for cracks, gaps, or uneven surfaces, as these might suggest foundation issues or settling. Open and close doors and windows to ensure they function properly. Sloping or uneven floors may also indicate structural problems that might be costly to repair.

Plumbing and Electrical Systems

Test faucets, showers, and toilets to make sure they work and drain properly. Check for any signs of leaks or water damage around sinks, faucets, and under cabinets. Turn on lights and switches in every room to ensure the electrical system is functional. Outdated or faulty wiring can lead to safety hazards and expensive repairs.

HVAC Systems​

Ask about the age and condition of the heating, ventilation, and air conditioning (HVAC) systems. Listen for any unusual noises when they’re running. Inconsistent heating or cooling throughout the house could indicate problems with the HVAC system or insulation.

Windows and Doors

Inspect the condition of windows and doors. Look for cracks, gaps, or condensation between window panes, as these could indicate poor insulation. Properly functioning windows and doors not only contribute to energy efficiency but also enhance security.

Kitchen and Bathroom Areas

​Carefully examine kitchen and bathroom appliances, cabinets, and fixtures. Run the dishwasher, oven, and stove to ensure they work as intended. Check for signs of water damage under sinks and around tubs or showers. Plumbing issues in these areas can be costly to repair.

​​

Basement and Attic

If accessible, explore the basement and attic spaces. Look for signs of dampness, mold, or water damage, as these could indicate potential structural or moisture-related issues. Adequate insulation and proper ventilation are crucial to maintaining a healthy and durable home.

While falling in love with a home’s charm and potential is important, it’s equally essential to approach your first home tour with a critical eye. A quality Realtor will help you ask the right questions to learn more about the home. Spotting issues during this initial visit can help you make an informed decision and avoid unexpected expenses down the road. Remember, a professional home inspection is always recommended before finalizing your purchase, as it can provide a comprehensive assessment of the property’s condition. With careful observation and the guidance of experienced professionals, you’ll be well-equipped to find a home that’s not only beautiful but also a safe and sound investment.

Our Realtor referral partners are some of the best around. We would love to connect you with one!

Get Pre-Approved Fast!

Welcome to a better mortgage experience! In just few minutes you can find out what you qualify for and explore multiple loan options and interest rates.

Complete our short and intuitive pre-approval interview to get started.

More of Our Latest Blogs

April 1, 2025

How Condo Financing is Different Than Single-Family Home Financing

When it comes to buying a home, many borrowers assume that financing a condominium is the same as financing a single-family home. However, condo financing has unique requirements that can make the process more complex. Whether you’re a first-time homebuyer or an experienced investor, understanding these differences can help you navigate the mortgage process with confidence. 1. Loan Approval Involves More Than Just You For a single-family home, lenders primarily evaluate your financial profile—credit score, income, debt-to-income (DTI) ratio, and down payment. But when purchasing a condo, lenders also assess the financial health of the condo association and the building itself. Lenders will review: - The percentage of owner-occupied units versus investor-owned rentals - The financial reserves of the condo association - Any pending litigation involving the condo complex - Whether the association is FHA or VA approved (if applicable) 2. Different Loan Program Eligibility Not all loan programs allow condo financing, and some have additional requirements. For example: FHA Loans: The condo must be on the FHA-approved list. VA Loans: The condo development must be VA-approved. Conventional Loans (Fannie Mae & Freddie Mac): Some condos may require a full project review, ensuring the association meets strict guidelines. If a condo doesn’t meet these requirements, borrowers may need to seek alternative financing or put down a larger down payment. 3. Higher Interest Rates & Down Payment Lenders may charge slightly higher interest rates for condo loans compared to single-family homes due to the perceived risk of shared ownership. Condos often require a higher down payment if the condo project is not considered “warrantable” (approved by Fannie Mae or Freddie Mac). 4. Homeowners Association (HOA) Fees & Special Assessments When financing a condo, lenders take HOA fees into account as part of your debt-to-income (DTI) ratio, which can impact your loan approval. Additionally, special assessments—extra fees charged to condo owners for major repairs or improvements—can affect financing eligibility. If the building is undergoing major renovations or facing financial difficulties, lenders may be hesitant to approve the loan. 5. Property Insurance Differences For single-family homes, buyers purchase individual homeowners insurance to cover the property and its structure. Condo buyers, however, typically need HO-6 insurance, which covers the interior of their unit, while the condo association carries a master policy for the building and common areas. Lenders will verify that the condo association has adequate insurance coverage before approving the loan. Buying a condo can be a great investment, but the financing process requires additional considerations compared to a single-family home. Working with an experienced mortgage lender who understands condo financing can help you avoid delays and secure the best loan option for your needs. If you're thinking about purchasing a condo and have questions about financing, contact us today! Our team at A and N Mortgage is here to guide you every step of the way.