October 31, 2022
Are you new to house hunting? There are things to look for when considering homes to buy with an FHA mortgage.
These are features that often may enhance the home and make it more efficient. Once you are used to shopping around for a home, you can establish a checklist to remind you as you review each property.
Ceiling Fans
Not all homes come with ceiling fans. Are you buying a home in a warmer or more humid climate? A lack of ceiling fans can be a drawback; homes that do not have them installed might have other issues such as mold or mildew, but this will depend greatly on how the individual house was maintained.
Exterior Lighting
Exterior lights can provide additional safety, and not just to prevent burglaries or other issues. Having a clear view to the sidewalk and driveway at night is important, especially in areas subject to frequent heavy weather
Energy-Efficient Windows And Doors
Modern storm doors and energy-efficient windows are very important. If the windows and doors of the home you’re considering look to be in poor repair or just aren’t efficient, consider the cost of replacing these.
Some will need to revisit whether the home is worth the expense, others may plan to replace these automatically if the home is of a certain age. If the windows and/or doors are a problem, the age of other features in the home may also be factors to think about.
Energy-Efficient Appliances
If the appliances in the home are old or are not Energy Star-rated, they may be a liability when it comes time to pay the utility bills. Some Energy Star-rated appliances can save as much as 25% on their operating costs, which is more important than ever in an age where inflation and fossil fuel costs are rising.
Carpet Or Hardwood Floors?
You may find it necessary to replace the carpet in a home every 10 years or so. Hardwood floors provide a more natural look that is also more (potentially) allergen-free.
Do you prefer carpet? If so, ask about the age of the carpet currently installed in the home. It may also be a good idea to ask who installed it and how much it cost at the time. Some house hunters view the carpets like the roof and assume a replacement will be needed at some point after closing day.
What To Think About
You don’t have to reject a home missing any of these features, you can always install them yourself or have them installed for you. In some cases, you can upgrade a home using an FHA Energy-Efficient Mortgage add-on to the loan. Those funds can be used to add more efficient windows, storm doors, ceiling fans, and other energy-related options.
Bruce Reichstein has spent over three decades as an experienced FHA and VA home loan mortgage banker and underwriter where he was responsible for funding “Billions” in government backed mortgage loans. He is the Managing Editor for FHANewsblog.com where he educates homeowners on the specific guidelines for obtaining FHA guaranteed home loans.
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