How to Evaluate the Property Condition

When you decide you want to buy a new home, one of the first things you need to evaluate is the property condition. This is one of the most influential aspects of your eventual offer, and should receive the most weight in determining a monetary value for the property.

Your real estate agent or broker can help you with this evaluation, and it is also a good idea to have a home inspector prepare a report. But during your first few tours of the home you want to buy, you can evaluate the property condition yourself. Here are a few tips to get you started.

Structural

Arguably the most important aspect of property condition is the structural status of the home you want to buy. If the walls have holes in them or the windows are not properly sealed, this can significantly reduce the amount of money you are willing to offer.

Make sure to look at overlooked areas of the home you want to buy, such as the ceilings, the attic, the basement and the closets. Check to make sure that the carpet isn’t torn or stained, and that there are no cracks in ceramic tile or granite. Note any damage or deterioration on a piece of paper for later referral.

Fixtures

You don’t want to move into a new home, then have to replace all of the fixtures. Lights, faucets, doorknobs, spigots, towel racks, cabinets, shelves and other fixtures should all be taken into account when you evaluate the property condition.

Some problems with fixtures can be rectified with a screw driver and nails, while others require replacement. If you don’t think they can be fixed, you can request that the homeowner replace them before closing, or you can deduct them from your final offer on the home you want to buy. Either way, they are a factor.

Landscaping

Some homes come with full landscaping, while others might lack any foliage or implements at all. The property condition extends to the outside as well as the inside, so look for things like dead plants, uneven ground, grassless patches and damaged patios and decks. Anything that will require work once you move in should be included when you evaluate the property condition.

Of course, landscaping is subjective, so you can’t go by what you don’t like about the landscaping of the property. For example, if the previous owners put banana trees where you would prefer rose bushes, this doesn’t qualify as a minus in the property condition box. However, any structures that lack the proper permits or that violate the homeowners’ association rules should definitely be considered.

Electricity & Plumbing

When you evaluate the property condition of a home you want to buy, the last thing you need to thoroughly inspect is the electricity and plumbing. Turn on all lights, faucets and appliances to ensure power and water flow to them. Plug something—such as a cell phone charger—into every outlet to be sure they’re getting juice.

If you find problems with electricity or plumbing, this is a huge issue for the current home owners. Make sure that all of these problems are corrected before closing; otherwise, they represent an enormous decrease in market value for your purchase.