The Three Critical Things You Need To Do Before Buying A Home in 2015
Are you ready for leaky faucets, leaky toilets, broken furnaces and air conditioning units? Chances are, you’re not. XYZ realty has compiled a team of experts that weigh in on these subjects including appraisers, inspectors and lenders to save you time and money before and after buying a home in 2015.
Tip #1 — Visually inspect the roof, driveway, foundation, ceiling, walls, and HVAC system.
In order to save money on costly inspections, you should take a good look at these items. Of course a visual inspection is not the only thing you should do, but you should be able to see visible signs of roof damage with moisture spots in the ceilings, and in general roofs that have worn-looking shingles can spell trouble. Driveways, foundations, walls and ceilings with excessive cracks are indications of possible foundation problems due to soil erosion. These are very costly repairs. Also visually inspect air conditioning units and furnaces. If the units are older, chances are they will require servicing and/or replacing. Check them before you pay $300 to $400 in inspection fees and consider whether this is something you want to deal with after you purchase your home.
Tip #2 — Have your realtor do a very good CMA
Real estate agents can be a valuable resource. They can make the home buying process a lot easier, but if you choose the wrong one, you can have a lot of unpleasant surprises. Make sure you work with someone who has good knowledge of the neighborhoods, and has experience in the local market you are buying a house in. In order to choose the appropriate comps that an appraiser will actually use in their reports, a buyer’s agent must have a working knowledge of the neighborhood and pricing in the area.
Tip #3 — Get Preapproved First
This is a big one. Before looking for a home, get your loan officer to give you a good faith estimate so that you know the cost of lender’s fees, attorney’s fees and other closing costs. You don’t want any surprises at the closing table when you buy your home.
Tip #4 — Plan ahead
You should start your home buying journey at least 3 months before making your final purchase to ensure you coordinate your financing, home inspectors, realtors, movers, etc. before starting the process. As simple as this sounds, this will keep your stress levels down. Believe me.
Tip #5 — Keep yourself organized
Always remember dates and times of everything especially when you go under contract with a property. Due diligence periods, financing contingencies and closing dates need to be ingrained in your mind in order to keep yourself afloat during a very stressful time such as home buying. Just in case you need to get out of the contract you won’t lose your earnest money because you already had these dates documented somewhere.
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Do you have any tips to offer homebuyers? Comment below and let our readers know more insider tips in the home buying journey.