Buying a home is a big investment. That is why it is so important to make sure that you know the ins and outs of exactly what you are getting before signing any paperwork. The last thing that you want to do is purchase a home only to find out that it has substantial, expensive problems. Here are some precautions to take when purchasing a home to ensure that the home that you are buying is in good condition.
Check the Facts
You can never be too safe. Double check the facts listed about the house with online resources. Be skeptical and double check everything that you can. Most information listed about a house is entered manually, so you cannot always trust that it will be correct.
Interview Loan Officers and Agents
It is always a good idea to educate yourself on the loan process. Don’t necessarily go with the first people that you meet. Interview a few different officers and agents to find out where you can get the best deal. Find a loan officer and agent that you trust and know that you can count on to get the job done right.
Take Expenses into Account
Not only do you need to budget for a new mortgage, but you also need to budget for any renovations that will need to be done immediately. You will need to work all of the numbers ahead of time to see what you can afford, and stay within that budget to avoid putting yourself in financial hardship. Speaking of expenses, you don’t need any surprise issues after purchasing a house. To avoid surprises, have a professional check for any major issues like asbestos, old or faulty wiring, and water issues. Avoiding any issues that could be lurking within the walls of your house will save you money in the long run.
Beware of Outstanding Permits
If you are buying a pre-owned house, which most of us are, make sure that permits have been granted for each renovation that has been done. Unfortunately, a lot of home renovations are done under the radar with no permit which means that the work has not been inspected .
Hire a Licensed Home Inspector
Always have a home that you are considering purchasing inspected by a licensed home inspector. We also recommend not choosing an inspector recommended by your real estate agent. It is good to use people that are uninvolved with one another to avoid a conflict of interests. If you are looking for a well-known and respected home inspection company in the Northern Colorado area, check out Winding River Inspection Services. They are your Top Rated Local® inspection specialist.
Settle on a Comfortable Price
Just because you qualify for a loan, doesn’t necessarily mean that you should take it. You need to consider your lifestyle, and the lifestyle changes and or sacrifices that you will have to make in order to afford to live in this home. Make sure that your monthly payment is something that is comfortable for you financially.