Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance, warranties and property inspections are so important.
A home owner’s insurance policy protects you in two ways: Against loss or damage to the property itself and liability in case someone sustains an injury while on your property. If you are securing financing to purchase your new home, most lenders will require you to purchase and maintain an insurance policy.
A quality home warranty helps to protect against those unforeseen breakdowns. As thorough as most home inspectors are, they can’t always tell if an appliance or air conditioner is about to break down. Home warranties help ensure that in the event that a major appliance should fail or an electrical or plumbing system should malfunction, you don’t get stuck with the bill. For a couple hundred dollars, the peace of mind and confidence you gain can be priceless.
The property inspection should expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers. Your major concern is structural damage, which can come with high priced repair costs. Don’t sweat the small stuff, things that are easily fixed can be overlooked and are often good bargaining chips for getting a great purchase price. If you have a big problem show up in your inspection report, you should bring in a specialist to do a detailed investigation and cost estimate. If the worst-case scenario turns out to be true, you might want to walk away from the purchase, there will always be other great homes available.
View Preferred Vendor List
Buyer Advisory
This Buyer Advisory is designed to make your purchase as smooth as possible. Some of the more common issues that a buyer may decide to investigate or verify concerning a property purchase are summarized in this Advisory. Included in this Advisory are:
- Common documents a buyer should review.
- Physical conditions in the property the buyer should investigate.
- Conditions affecting the surrounding area that the buyer should investigate.
Click the image below to instantly receive your own free copy.
