- Leverage a realtor who can skillfully negotiate on your behalf. I cannot emphasize this enough, not all realtors are created equal. However, it is my experience that a skilled realtor will not only help you successfully negotiate, they will navigate the buying/selling process, they can help connect you to qualified buyers (often all cash) and sellers (pocket listings). The average client has limited understanding, experience, or time/patience to deal the time sensitive complexities involved in real estate transactions. The margin of error is small and one incomplete, incorrect, or missing form will delay an offer, something you cannot afford in our current highly competitive market.
- Buy an apartment or duplex complex instead of a home. Many rental income possibilities (TIC and condo version too). This will probably be my next purchase.
- Look for ways to generate passive income even a primary. I ended up renting out two of three rooms which worked out well. Obviously not for everyone but if you can, the passive income accelerates your FIRE timeline and sharing space will make you re-evaluate how much space you really need to be happy.
- Understand the crime stats and trends in the community and city. Visit and interview the local police department they are happy to share.
- Check registered sex offenders in your city and drill down to neighborhoods.
- Examine if your property is on or along any fault lines. In CA we have many and most cities will be impacted in the next major earthquake.
- Do not rely strictly on the 3R report/disclosure package for potential damage to properties. Turn on all pipes if shut, test sprinklers, examine windows/doors carefully for settling and foundation damage. This is especially critical if your property is slanted and you may incur additional costs to repair damages. For example, my property had a cracked cast iron pipe buried deep under the front law. Never discovered it until a 10k bill was required to replace the non-visible damage. Again test everything and be careful when it comes to existing trees, their roots can damage your foundation and wreck havoc on your plumbing/pipes/sidewalk/driveway.
- Clearly understand where are the property lines especially if there is no fence dividing the properties.
- Be mindful of electrical towers and power lines in your backyard and neighborhood.
- Build more storage racks and secured shelving in the garage before you move in.
- Add additional insulation around windows, attic, garage, etc and especially in bedrooms before you move in.
- Pay for a surveyor before you start any tear down or expansion projects. And on a related note, make sure you get a good architect who has a successful relationship with the local planning department.
You have a very unique situation with so many family members so you will have to be flexible with your want to haves and essential must haves. I feel cosmetic renovation projects are often not worth considering, unless they bring a significant return on investment at a future sale. Since you've indicated your family will not move for over a decade you have time to pace any projects.