Deal of a lifetime may be in store for home buyers

If you've been considering the purchase of a home, the deal of a lifetime or at least of the decade might literally be around the corner. Reasonable mortgage rates and stable home prices are combining to make the present the ideal time to take a shot at the American dream home ownership.

Real estate experts, including the National Association of Realtors, say that the combination of many factors is creating a good climate for home-buying opportunities.

First-time buyers are being targeted by Realtors and sellers to draw them into the market.

Today's real estate market is indeed wide open to first-time buyers in many parts of the country. But they need to be aware of some of the lesser-known, hidden factors often involved in a first home purchase.

A home's condition is one area of potential concern that many who are new to the home-buying process are unaware of. For example, the condition of a house is not taken into consideration by the mortgage lender, so it isn't factored in with fixed expenses.

This can become a problem, considering the fact that two out of five or 40 percent of homes for sale have at least one serious defect when they go on the market.

Those defects can cost anywhere from $500 on up, depending on the particular situation. The following is a sampling of common defects found in resale homes and what they typically cost to repair or replace:

?air-conditioning compressor, $800- $1,200

?asphalt shingle roof, $1,500-$2,200

?electrical service upgrade, $600-$1,200

?shower pan, $900-$1,600

?warm air furnace, $1,500-$1,800

?inadequate attic insulation, $800- $1,100

Condition is becoming a major factor in determining how good a deal a particular home actually is. It becomes even more important for first-time buyers who are often stretched to the max financially after putting up the down payment.

Many young couples who buy their first home are often unaware of what to look for with regard to the mechanical systems, structure and foundation in a house. Unless they've availed themselves of a pre-purchase inspection, their first inkling of a problem comes during a rain storm or cold snap.

A better scenario is for the Realtor and the seller to inform a potential buyer of existing conditions and what is involved in correcting them. If sellers have their homes inspected at the time of listing, they can in a factual, rather than emotional way explain to the buyer that either the price has been adjusted to reflect the cost of the repair, or, that the owners will make the repairs.

A home inspection ordered by the seller at the time of listing can give the seller an added advantage because it allows a buyer first-time or move-up to make a more realistic comparison between homes they are considering. The more educated a buyer is, the better it is for everyone in the long run.

And condition is a factor in homes of all ages, even in homes that have been well-maintained. For example, basement water penetration is the most common problem found in homes of all ages: Making the necessary repairs can cost anywhere from $600 to $800 to install a sump pit/pump, to $3,500 to $5,000 for waterproofing.

Mixed plumbing meaning a combination of materials, such as copper, brass and lead is found in 44.2 percent of homes 30 years old and older, but rarely in homes less than 12 years old.

In today's economy, most families have little room in their household budgets for surprises, particularly costly ones, which home repairs often are.

The old expression that the three most important factors involved in buying real estate location, location, location has changed to location, location, condition to meet today's realities.

(Aimee Dixon is the marketing director for the local HouseMaster-The Home Inspection Professionals franchise.)

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