Purchasing a home is an exciting time for people and their families, but it also requires buyers to be cautious and careful. For most people, a home is the most expensive purchase they’ll ever make.
The last thing you want to do is make a costly error that you’ll be tied to for the length of the mortgage, so please keep reading to learn how to avoid these hurdles when buying a home.
Use Technology
Property technology, more commonly known as proptech, has been around for a few years now as it has taken off during the pandemic when viewing a home in person was difficult or impossible. Industry leaders like Regan McGee have built platforms with disruptive technologies that put the best cards into the hands of the buyer rather than the agents.
Launched in 2017, Nobul is the world’s first and only open digital marketplace that connects consumers with the right agent for their needs. All you need to do is write a description of what you’re looking for in a home, and real estate agents will seek out your business. You’re free to browse their profile, view their stats, and select the one you most prefer.
On the best platforms, agents cannot pay for better reviews, making them trustworthy.
Do a Proper Inspection
Few people have enough skill and expertise to inspect their home properly prior to buying, they will check everything from the sink to the lawn. While buying a home entails many costs, your money goes far when paying for a professional inspector.
Otherwise, how do you know everything is genuinely in tip-top shape? Even if you’re buying a fixer-upper, you need to know about the condition of the home’s guts. If you’re planning to live in the home soon after the purchase, the last thing you want is to find a leak in the roof.
You’ll want to inspect for pests and termites and build an inspection contingency clause in the contract. That way, if the inspection does uncover serious problems, you won’t be financially on the hook.
Home Needs to Be Insurable
You need to do some due diligence and see if the previous owner put in a major insurance claim on the home for things like water damage or mould. It will show up in insurance records.
If they did, insurance companies might refuse to cover the home because it’s too much of a risk. The home needs to be insurable unless you’re paying for it with cash, and, given the skyrocketing real estate markets in cities around the world, that’s unlikely to be the case.
If you somehow do have all the cash ready, it’s much better to buy an insurable home. You’ll rest easier at night and enjoy peace of mind.
Buying a home is not like buying a pex crimp tool — it’s an enormous purchase that will take years to pay, and banks, real estate agents, inspectors, and others will all be involved in the process. Keep the above tips in mind when it’s time for you to buy a home, and hopefully, the process will be smooth, quick, and painless.
