10 things every new homeowner should know

[NNN0LHI]

http://www.chicagotribune.com/classified/realestate/chi-fri_ownership_0425_nhapr25,0,4528117.story

You bought the house and secured the keys. Now what?

Real estate expert Sid Davis says maintenance crises, financial demands and renovation disasters can become overwhelming to inexperienced property owners. "They were renters before, so whenever they had a problem, the landlord or supervisor would come by and fix things," says Davis, who wrote "The First-Time Homeowner's Survival Guide." "Now they are on their own."

Davis, real estate inspectors and other property experts were interviewed to glean the following 10 tips for new homeowners.

<snip>2. Know thy enemy

"Water is 90 percent of a homeowner's problems," Davis says. A home's basement, foundation and roof are the most susceptible to costly water damage and corrosion.

Inspect bathrooms, laundry rooms and kitchens regularly for water leaks. The fix can be as simple as tightening a nut. Caulk around doors and windows to prevent water from seeping into the walls. Outside, keep water routed at least 5 feet from the foundation.

Maintaining a home's gutter system is a major line of defense against water damage.

3. Heads up

Roofs should be next on the maintenance checklist. If a roof is more than 12 years old, get it professionally inspected, experts say.

A homeowner should avoid climbing on the roof. Shingles can break, or a person can get hurt. Instead, use binoculars to check for broken shingles and spots where the mineral coating has worn off.

[Rosemary2205]

1. make sure the trees and bushes don't touch the house.

between the bugs and the water you are just asking for problems. Sometimes all it takes is a little pruning between the plant and the house.

[Tesha]

2. Trees touching the house are also an invitation for a lightning strike...

...to make the jump into your house and its electrical system.

Tesha

[flvegan]

3. Get title insurance when you buy, and keep your Owner's Policy in a safe place.

For obvious reasons, but also because if you choose to refinance you may be able to do so more quickly and more cheaply.

And that's one to grow on.

[OneBlueSky]

4. if you're thinking of buying an older home, there's one more rule . . .

11. You don't buy and old house; you marry it.

[dansolo]

5. One very important thing to be wary of

I just went through this when I was buying a home last fall. I found out that it is possible that even if you get accepted for homeowners insurance when you initially buy the home, you can be canceled soon after based on claims made by the previous homeowner. If you have any reason to suspect that there may have been any sort of insurance claims, you should request that the seller provide a CLUE report, which is a listing of all claims made on the property for the past five years. It can tell you if a property is uninsurable, e.g. there were previous water damage or mold claims. Only the owner can request a CLUE report, so as a prospective buyer, you will be unaware of any insurance gotchas until it is too late to back out.

I had put an offer on a property, and the inspection raised a bunch of red flags. In addition to the expected repairs, I also stipulated that the owner provide a CLUE report to confirm insurability of the property. The owners refused to provide this, as well as not agreeing to all the requested repairs, so I backed out of the deal.