Make sure to check a few practical risks in the decision process for a new home, including:
- Natural disaster risks
- Is it in an earthquake-prone area? Is earthquake insurance available, and how much does it cost?
- Likewise, are hurricanes a risk? Tornadoes?
- How high does the property sit, and is there a risk of flood? (Watch the video on floods here on Video-Genius.)
- Are there hazardous materials in the area?
- Building Code compliance; the house should meet local codes.
Local zoning and (if applicable) homeowner association rules can also play a big role in future changes. If you envision remodeling, making an addition, or other substantial changes, be sure you understand the regulations and permits that will be involved.