Congratulations, you have done the preliminary evaluation of your assets and liabilities with us. As a result, you know exactly how much money you can borrow based on your financial status – so now the journey begins. 

Home investment can feel intimidating, but ACB Caribbean is here to help; knowing what to look for is simple. First, there are some general things to consider, like the size of the property and your compatibility with the neighbourhood vibe, but most importantly, you should know if the house is solid or in need of repairs. When seeking financing, an independent evaluation or appraisal is required to give an unbiased opinion of the property’s value. This will provide all parties involved with an idea of the overall condition and value of the property. The appraisal considers many things, including the market value of homes in the surrounding area, wear and tear on the building and the size of the land, among other things.

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Below are some essential things you should look for in a house to feel confident you’ve got a rock-solid home.  

1. The Condition of the Roof.

Pay attention to the roof to avoid surprise costs. For example, how old is the roof, and what materials built it? The age of the building may be consistent with the roof’s age; however, in some cases, the roof might have been redone, which makes it younger than the building. In addition, the materials can help determine the home’s heat element and how long the roof will last. For instance, you may have to replace a shingle roof faster than one built using galvanize.

Have an expert do a roof inspection/health check for you. 

2. Water Damage.

Untreated water leaks or damage can cause problems like structural issues. Pay attention to stains on floors, walls or ceilings; this could be an indication that there is a problem. Damage to the walls can indicate that you have water penetrating the structure, meaning structural issues or leaking pipes in the walls. 

3. Foundation and Exterior

Easy-to-spot foundation red flags include:

• Cracks in the foundation, ceiling or walls
• Gaps above doors and windows
• Sunken stairs or porches
• Sloping or uneven floors

Every home has some degree of settling, so cracks are expected. However, not all damages mean the walls or the whole house are about to fall in. Have an inspection done on the home by a qualified engineer to tell you whether a minor crack spells significant trouble.

4. Plumbing

Pay close attention to these critical aspects of the house: •

• Septic tank
• Cisterns
• Water pump
• Heater
• Toilets / Showers / Water taps

Look for any obstructive tree root growth around the septic tank and cisterns. Remember that redoing your septic tank and sewer system can cost a pretty penny, so this check should be done carefully and thoroughly. Are the toilets leaking? Are they stable to the base? Yes, go ahead and flush to ensure they are functioning. Remember, this potential purchase is a major investment and commitment, so the more extensive your examination of its integrity, the better for you in the long run.

Inspect the water heater and the pump. Have a plumber come and take a look. Look for any rusting or unusual noises from the heater or the pump. While the seller may not replace it for purchase, you can factor this into your expected costs.

5. Neighbourhood

Take a moment to observe the neighbourhood; is the house close to a main road, construction site, or airport? The surrounding areas will determine the noise level. 

If you have kids, consider the safety of the roads – is it safe for them to ride their bikes or is it a high-traffic road?

How close are your neighbours? You should factor this in if you are purchasing a condo – how thin are the walls between the units? 

6. Appliances & Fixtures

If the purchase includes appliances, for instance, a washing machine, dryer, dishwasher, and fridge, you will want to check to see the age of these appliances and if they are working. Once again, you can plan for these costs if you have to replace these items.  

A pre-approval and an evaluation are in your best interest and the Banks’. Inspecting the property addresses significant issues that will require additional funds. 

Sign the dotted line if the house fits your pre-approved loan and checks all the other boxes above! Remember saying no to a place that does not suit you or is too expensive to update will save you a lot of heartache and money in the long run. Lastly, ensure the property is insured for the total replacement value.

You can make SMART choices and enjoy homeownership now that you have the information.

A pre-approval and an evaluation are in your best interest and the Banks’. Inspecting the property addresses significant issues that will require additional funds. 

Sign the dotted line if the house fits your pre-approved loan and checks all the other boxes above! Remember saying no to a place that does not suit you or is too expensive to update will save you a lot of heartache and money in the long run. Lastly, ensure the property is insured for the total replacement value.

You can make SMART choices and enjoy homeownership now that you have the information.