8 Steps to Buying a Home
Get a home inspection
When you make a written offer on a home, you should insist that offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road.If the home inspector finds a serious problem, like the roof needing to be replaced, you'll know up front and can negotiate with the seller for the cost of the repair or replacement. If you don't find out until after you own the house, the problem (and cost) is yours alone.
During a home inspection, a qualified inspector takes an in-depth and impartial look at the property you plan to buy. The inspector will:
- Evaluate the physical condition: the structure, construction and mechanical systems.
- Identify items that should be repaired or replaced.
- Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.
When getting a home professionally inspected, you may also want to think about testing for environmental hazards like lead paint, asbestos, and radon. Your real estate agent can be a good reference for a home inspector.
Home Inspection Tips
Finding a Qualified Home Inspector
10 questions to ask a home inspector
NOTE: The home inspection is not a property appraisal.
A property appraisal is a document that provides an estimate of a property’s market value. Lenders require appraisals on properties prior to loan approval to ensure that the mortgage loan amount is not more than the value of the property. Appraisals are for lenders; home inspections are for buyers.