11 Things First-Time Buyers Always Get Wrong About Buying A House

Unless you find yourself buying in an aggressively slanted seller’s market, there’s little need to skip the home inspection. In certain circumstances, this will come into play to close a competitive deal, but for most buyers, the inspection is something that can’t be overestimated. A professional will diligently walk the property and evaluate the home’s systems, structure, and individual features. The resulting report will illuminate any problem spots that should be addressed in the home. For instance, an inspector might find cracks in the foundation, or aging insulation in the attic that might require (rather than benefit from) attention.

Advertisement

There are two things that buyers gain from the inspection report. First of all, with a home inspection contingency, buyers can renegotiate on price. If there’s a major leak in the kitchen, for instance, a buyer can leverage the information in the report to seek a price reduction to cover the cost of the repairs. Alternatively, buyers can ask sellers to handle repairs themselves before handing over the keys and closing the deal. At the most extreme end, if an inspection reveals significant trouble in the home, it can make the decision to walk away from the deal easier — and perhaps offer a path to getting any down payment already contributed returned.


Posted

in

by