When buying a home in Portland, there might be two of the very common suggestions you could’ve gotten.
One, have lots of money.
Two, don’t not have lots of money.
But is it really only this that you need to buy a home in Portland? Money?
We’d say, nope. There is much you should consider when buying a home in the City of Roses.
It is understandable that it has become a sought-after destination for homebuyers. Of course, who would want to miss out on vibrant neighborhoods, lush green spaces, and eco-friendly culture? It is like a dream come true for most homebuyers. Maybe for you as well!
However, the city’s real estate market also has unique characteristics and different challenges that you need to keep track of. These include competitive prices and the region’s rainy climate, which poses challenges for first-time homebuyers (you).
Whether you’re looking for a cozy craftsman home in Southeast Portland or a modern condo in the Pearl District, you must be prepared. To help you on this journey, we have put together six essential tips for first-time homebuyers. These tips will guide you through the process and make your Portland home-buying experience as smooth as possible.
Don’t Ever Skip the Home Inspection
When buying a home in Portland, your real estate agent might ask you to skip the inspection and move forward with the purchase. But don’t!
Yes, it will seem tempting at first, as it will expedite the process and will save you a bit of money. However, it will prove to be a costly mistake in the future. You must get a home inspection, especially for Portland’s housing market, where older homes and unpredictable weather can hide significant issues.
So, by investing in this much-needed step, you will protect yourself against unexpected repairs and ensure that your new home is a sound investment.
Besides this, to get the most out of your home inspection experience, you can also follow a first-time homeowners guide.
Be Prepared for Repairs if Buying a Home Built Before the 1950s
Homes built before the 1950s might appear charming and aesthetic to you. But you don’t have to be only intrigued by their “appeal.”
If you plan on buying a home from such an era, you need to be ready for the possibility of significant repairs. Older homes often come with unique challenges, including outdated electrical systems and plumbing, aging foundations, and roofing.
Again, these properties might be historically appealing, but they can also require different updates to meet the current standards to ensure safety. For this reason, you are likely to face issues like:
- Lead paint
- Asbestos
- Deteriorating structural elements
So, if you’re still intrigued by such homes, you need to budget appropriately and make the relevant updates to avoid unpleasant surprises in the future.
If a Home Survives the First Weekend, There’s Likely an Issue
You’re searching the market and coming across some homes still listed beyond the first weekend. Great opportunity to buy, right? But stop! This is a major red flag.
In Portland’s competitive housing market, if a property hasn’t been snapped up quickly, there could be underlying issues that are causing buyers to hesitate. It could be related to hidden problems like structural damage, pest infestations, or other costly repairs that aren’t immediately visible.
At times, the home’s location or condition might also not meet the Portland buyers’ high expectations. However, this doesn’t mean that every lingering listing is a bad investment. But, you must approach these properties with a heightened sense of scrutiny. Be prepared to conduct a thorough inspection and ask detailed questions to uncover any potential problems before making an offer.
Check Earthquake Hazard Zones Before Buying
Portland is located in the Pacific Northwest, which means it is prone to seismic activity. As a first-time homebuyer, you must check whether the property is in an earthquake-hazard zone.
The Cascadia Subduction Zone also poses a significant earthquake risk to the region. So, if you are buying a home located in areas vulnerable to liquefaction or landslides, then it can face severe damage when the quake strikes.
So, before finalizing your purchase, you can use this website to check whether your property is in a high-risk zone.
Additionally, consider whether the home has been retrofitted for earthquakes, as this can greatly reduce the potential for damage. Once you are aware of these factors, you will be able to make informed decisions and ensure your investment is as safe as possible.
Be Aware of “Kitty Litter” Foundations
Are you considering buying a Portland home that was built between 1890 and 1920? You need to be aware that many of these older homes have what is known as “kitty litter” foundations. These were made from a mix of gravel and cement that can become unstable over time if not properly maintained.
Yes, these homes do have a historic charm, but the foundation’s conditions can significantly impact the house’s structural integrity. So, to prevent the foundation from deteriorating further you would need to ensure regular upkeep, like ensuring the foundation is sealed and protected from moisture.
If you’re drawn to any of these vintage homes, you need to ensure a professional inspector assesses the foundation’s stability beforehand to avoid costly repairs later.
Choose a Lender Who Can Make Your Offer Competitive
In Portland’s fast-moving real estate market, having a strong lender on your side is a win, and it can make all the difference when submitting an offer.
A lender who can pre-approve the loan quickly, offer competitive rates, and even provide appraisal waivers can give you an edge over the buyers. Also, sellers often favor financially prepared buyers who can close quickly. This is why it’s crucial to partner with a lender who understands the local market and can help you move fast.
Look for a lender who offers underwriting ahead of time and is known for smooth, timely transactions. The right lender will help you secure financing and strengthen your position in a bidding war.
Conclusion
If you’re buying your first home in Portland, you must be very excited, but you also should be ready to face the challenges.
Facing the different challenges becomes easier with the right preparation and guidance. You can follow the above-mentioned tips to land on a property that is just P.E.R.F.E.C.T for you.
However, remember, this isn’t just about finding a house. It is about securing a home that meets your needs and holds value over time.
With a bit of due diligence, patience, and smart planning, you will be well on your way to making a sound investment in Portland’s vibrant and dynamic real estate market.
Ready to make a smart investment in your new home? Trust Main Choice Inspections to provide thorough and reliable home inspection services. Our experienced team will ensure that every detail of your potential property is carefully assessed, from the foundation to the roof, giving you peace of mind before you make one of life’s biggest decisions. Don’t risk unexpected repairs—schedule your comprehensive home inspection with Main Choice Inspections today and move forward with confidence!