Not many joyous moments compare to when most people purchase their first home. The reason is simple; it’s one of the biggest financial investments and that moment is truly emotional.
How would it feel if that asset turned into a nightmare? A real nightmare. Unfortunately, a lot of people spend more time and energy researching their next automobile than they do on a property they would like to buy.
Several construction defects such as faulty wiring, foundation damage, leaking roof and even legal issues, may arise after purchase. Buying a home could be a long and intricate process. It is important to follow the steps below in order to reduce or totally eliminate the possibility of these nightmares.
Know what you want
Having a clear picture of what your want automatically reduces your search period. Reasonably, your agent should not take you to a 5-bedroom apartment when you gave him a brief for a 3-bedroom. It ensures a good use of your time.
Thorough inspection will protect you
Every single detail matters, so you need to look beyond the color! To make sure your potential home is in a good condition, engage an independent professional to inspect the property. In the case of used houses, you should note the required repairs and request for a discount accordingly.
Conduct a title search
Clear title to a property is one of the most important factors to be considered before purchase. There are various means to investigate the title and it is a must to engage in the process of retrieving documents evidencing events in the history of the property, to determine relevant interests and regulations concerning that property.
Get a Lawyer to review your contract
A lawyer can help you avoid some common problems with a home purchase. Realtors often use standard forms, expecting they will cover all circumstances or will be easily customizable for unusual circumstances.
Your lawyer will review the contract on your behalf and interpret unclear clauses. Never agree to or sign what you don’t understand.
Happy home hunting!