Are you preparing to buy a home? Before you dive in, have you considered what should be on your home-buying due diligence checklist? Let’s explore the key things that can make or break your home-buying experience.
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Your Home Buying Due Diligence Checklist
Research the Area
Due diligence is about more than just the property you intend to buy. In some cases, the surrounding area or local market might be important. You might discover unfavorable market trends. There might also be local projects in the works that could affect property values. Various environmental issues could also raise a red flag.
Ask for the Seller’s Disclosures
Sellers must disclose any issues they know about concerning the property. Read these disclosures carefully, and talk to your agent about what they mean. They might impact your offer and how you negotiate.
Review the CC&Rs
If an HOA is involved, scrutinize the Covenants, Conditions, and Restrictions (CC&Rs). Read through these rules with your agent. They cover things like pets, home appearance, renovations, and more. Make sure you’re okay with these rules.
Don’t Skip the Inspection
An inspection can be one of the most important parts of due diligence. A pro will check the house and report any problems. You can use this report to decide if you still want the house, ask for repairs, or even walk away.
Get an Appraisal
An appraisal tells you if the house is priced right. Lenders often require it. You can negotiate with the seller if the appraisal comes in lower than your offer.
Order a Survey
Know where your property lines are with a survey. It helps you avoid boundary disputes and ensures everyone follows the rules.
Understand Zoning Laws
Check if there are rules about what you can do with your property. Your agent can help you understand these laws and determine if they fit your plans for the future.
Check the Home’s Flood Zone Status
Is the house in a flood zone? Find out using FEMA maps. If it is, you’ll need extra insurance. Talk to your agent about the costs and factor them into your budget.
Secure Homeowners Insurance
Get a few insurance quotes to compare. Your agent and other homeowners might have good recommendations. Make sure you understand your policy and what’s covered.
Get Title Insurance
Don’t forget title insurance. It protects you in the event of ownership issues relating to the property. Work with a reliable title company to make sure everything’s in order before you close the deal.
Ready to start your homebuying journey?
A home is a big purchase. It only makes sense to cover all the bases during due diligence. A little time and effort now can save you from stress or losses after the purchase.
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