A home inspection is a vital part of every real estate transaction. Its importance is usually solidified in a purchase contract in the form of a contingency clause.
Whenever you buy or sell a home, the transaction is typically contingent upon a few things being fulfilled. Inspections help protect the buyer from purchasing a home that they believed didn’t have any major issues.
For buyers, an inspection can save you thousands in the long run. For sellers, getting a preemptive inspection done (on your own dime) can be useful since it will help you avoid any surprises that could arise when a potential buyer has your home inspected.
Hiring a home inspector
Regardless of whether you’re the buyer or the seller in this instance, hiring a home inspector isn’t something you should take lightly. You’ll want to confer with your agent before you pick an inspector.
It’s also a good idea to check out some online reviews and visit the inspector’s website for pricing. Typically, inspectors charge between $200 and $400 for an inspection, so feel free to shop around.
Inspectors are certified, so make sure whoever you choose has the proper licensure. You can search for inspectors in your area with this search function.
Ultimately, you’ll want to choose an inspector that can give you the most unbiased assessment of the home, so that you can be assured that you know what you’re getting into when you buy or sell a home.
Preparing for an inspection
Many buyers aren’t sure what to expect on inspection day. However, the process is relatively simple.
You’ll want to make sure the inspector can easily access workspaces (like around the furnace, circuit breakers, etc.). This will make the inspector’s job easier and allow them to focus on the service they’re providing you.
If possible, it’s also a good idea to provide them with records of important home maintenance and repairs. Inspectors know what red flags to look for with the home, both physically and on paper.
Finally, make sure pets, kids, and any other distractions are away from home or with someone who can attend to them.
After the inspection is complete, the inspector will hand you a report and be able to answer any questions you have about their findings. They will give recommendations about the timeline for repairs that need to be made soon or even years into the future.
With this report in hand, you can determine if there are repairs you want to negotiate with the seller if you’re buying a home. As a seller, this report will tip you off to issues that potential buyers will likely have and give you a chance to address them in advance.
Ready to purchase a condo? No worries, as there are many terrific condos available in cities and towns nationwide.
As a condo buyer, you'll want to do everything possible to ensure you can buy a top-notch property quickly and effortlessly. Lucky for you, we're here to help you streamline the process of acquiring your dream condo.
Now, let's take a look at three tips to help you simplify the condo buying process.
1. Know What You Want Out of the Perfect Condo
Are you looking for a condo in a small town or a big city? Do you want a condo that features a community swimming pool, tennis courts and other deluxe amenities? And how close is a condo to your workplace? These are just some of the questions that you'll want to consider before you kick off your condo search.
An informed condo buyer will know exactly what to look for in the perfect condo. As a result, this condo buyer may be better equipped than others to accelerate his or her property search.
2. Understand Your Price Range
You know that you want to buy a first-rate condo, but what can you afford? With a condo buying budget in hand, you'll be able to estimate your monthly property expenses and plan accordingly.
Getting pre-approved for a mortgage may prove to be a great idea. If you meet with several banks and credit unions, you'll be able to learn about all of the mortgage options at your disposal. Then, you can select a mortgage that will enable you to establish a price range for your condo search.
In addition, don't forget to consider any homeowners' association (HOA) fees before you choose a condo. HOA fees cover property maintenance costs and will vary depending on the condo community. Therefore, if you fail to account for these fees before you purchase a condo, they may cause you to exceed your monthly budget.
3. Work with a Real Estate Agent
Take the risk out of finding a condo that meets or exceeds your expectations by working with a real estate agent – you'll be glad you did.
A real estate agent with condo experience understands what it takes to speed up the search for the perfect property. This real estate professional will go above and beyond the call of duty to help you find a property that you can enjoy for years to come.
Typically, a real estate agent will set up condo showings and keep you up to date about open houses. He or she also will help you submit offers on condos and negotiate with condo sellers on your behalf, ensuring you can manage any challenges during the condo buying process.
A real estate agent will even respond to any condo buying concerns and queries. That way, you can receive expert guidance as you navigate the process of going from condo buyer to condo owner.
Use the aforementioned condo buying tips, and you should have no trouble securing an amazing condo in the near future.
A home showing represents a learning opportunity for a homebuyer. If you know how to plan ahead for a home showing, you can optimize the value of this opportunity.
Ultimately, preparing for a home showing can be simple – here are three tips to help you get ready for any home showing, at any time.
1. Evaluate a Home Listing Closely
A home listing enables you to learn about a house's age and condition. It also may include pictures that highlight a home's rooms and features. Thus, if you assess a home listing closely, you'll be better equipped than ever before to determine whether a house may be right for you.
As you examine a home listing, it generally is a good idea to think about additional questions that you may have about a house. If you craft a list of questions prior to a home showing, you'll be ready to get the answers that you need to make an informed decision about a residence.
2. Make a Home Showing Checklist
A home showing allows you to examine a residence both inside and out. As such, it may be beneficial to create a home showing checklist that ensures you remember to analyze all aspects of a house.
Be sure to include assessments of an attic, basement and other house areas in your checklist. In addition, it may be helpful to consider checking out a home's proximity to parks, schools and other landmarks. Because the more information that you obtain during a home showing, the more likely it becomes that you can make the best-possible choice regarding a residence.
3. Consult with a Real Estate Agent
If you plan to attend a home showing, hiring a real estate agent is essential. A real estate agent can help you prep for a home showing and ensure you can review all aspects of a residence in no time at all.
Prior to a home showing, a real estate agent will meet with you and learn about your homebuying goals. Next, this housing market professional will offer expert recommendations to guarantee that you are fully prepared to attend a home showing.
Let's not forget about the comprehensive support that a real estate agent can provide throughout the homebuying journey, either. A real estate agent will keep you up to date about new houses that become available in your area and help you set up home showings. And if you want to submit an offer on a residence, a real estate agent will help you put together a competitive homebuying proposal.
For those who want to explore the housing market, attending home showings is crucial. If you're able to make the most of a home showing, you can boost your chances of enjoying a seamless homebuying experience.
Thanks to the aforementioned tips, any homebuyer can get ready for a home showing. Take advantage of these tips, and you can approach a home showing with the confidence that you need to succeed.
Before you embark on a search for your dream house, it helps to know what to expect during the homebuying journey. If you understand the true cost of purchasing a home, you can map out your property buying strategy accordingly.
Now, let's take a look at three factors that may impact how much you spend to acquire your ideal residence.
1. The Price of a Home
The initial asking price for a house is not necessarily set in stone. In some instances, you may be able to negotiate with a seller and receive a lower price.
However, regardless of the price you negotiate with a seller, you are responsible for paying for a residence. And if you fail to receive a mortgage, you may struggle to make your homeownership dream come true.
It often helps to get pre-approved for a mortgage. That way, you can enter the housing market with a budget in hand. Pre-approval for a mortgage also may enable you to speed up your home search and ensure you can quickly discover a residence that falls within your price range.
2. Closing Costs and Other Homebuying Fees
After a seller accepts your offer to purchase his or her home, there may be various fees that you'll need to pay to finalize your house purchase.
For instance, a buyer who conducts a home inspection will need to pay for this evaluation. He or she likely will need to pay for an appraisal and any closing costs as well.
As you get ready to pursue a house, you may want to put aside extra funds for any potential costs you may encounter throughout the homebuying cycle. Because if you have the necessary funds at your disposal, you may be better equipped than ever before to seamlessly navigate the homebuying journey.
3. Moving Expenses
After you buy a home, you will need to relocate all of your belongings to your new address. To do so, you probably will require moving boxes and packing supplies to ensure your personal belongings can safely reach your new house. As such, you should account for these expenses prior to starting a house search.
Of course, you may want to hire a moving company too. If you want to find out what it costs to hire professional movers, you may want to receive quotes from multiple local moving companies sooner rather than later.
If you need help getting ready to search for a home, a real estate agent is happy to assist you. A real estate agent can offer lots of insights into the potential costs you may encounter at each stage of the property buying journey. In addition, a real estate agent will help you narrow your search for your dream house, conduct home showings and much more.
Start planning for potential costs associated with the homebuying journey – you'll be glad you did. If you budget for the property buying journey, you could increase the likelihood of enjoying a quick, stress-free homebuying experience.
Let's face it – the homebuying journey may prove to be an expensive experience. If you're not careful, you risk overspending to acquire your dream house. On the other hand, if you purchase a home without identifying underlying structural problems, you risk costly home repairs down the line.
Ultimately, it helps to establish a budget for the homebuying journey. If you have a budget in place, you can increase the likelihood of having the necessary funds on hand to overcome many potential homebuying hurdles.
You should have no trouble creating a homebuying budget, either. In fact, here are three tips to help you put together a budget for the homebuying journey.
1. Assess Your Financial Situation
If you intend to purchase a house in the foreseeable future, you'll want to take a close look at your finances. By doing so, you may be able to reduce your monthly spending and use your savings to accelerate the homebuying journey.
It often helps to assess your daily, weekly and monthly expenses. Then, you may discover bills that you can cut from your everyday budget.
For example, you may enjoy dining out regularly, but cooking at home may prove to be more cost-effective. And as you reduce your dining expenses, you can save money that you can use toward the down payment on a new house.
2. Obtain Your Credit Score
Believe it or not, your credit score can make a world of difference in your quest to acquire a house. If you check your credit score, you may be able to find ways to improve your credit score prior to kicking off a house search.
You are eligible to receive a free copy of your credit report from each of the three reporting bureaus (Experian, Equifax and TransUnion). Take advantage of this perk, and you can learn your credit score in no time at all.
Remember, your credit score may have a major impact on your ability to land a favorable mortgage. And if you find that you have a below-average credit score, you then can pay off outstanding debt to improve it before you start your search for a new home.
3. Get Pre-Approved for a Mortgage
Pre-approval for a mortgage is ideal. With a mortgage in hand, you can enter the real estate market with a budget for buying a house.
To get pre-approved for a mortgage, you should meet with banks and credit unions. These financial institutions can offer insights into a variety of mortgage options and help you make an informed mortgage selection.
Lastly, as you prepare a homebuying budget, you may want to collaborate with a real estate agent. This housing market professional can help you hone your home search to residences that fall within your price range. Perhaps best of all, a real estate agent will make it simple for you to avoid spending too much to acquire your dream house.
Get ready to buy a house – use the aforementioned tips, and you can establish a successful homebuying budget.