Most people have heard the old saying about a home being the largest purchase you'll ever make. Unfortunately, looking at that way may have a paralyzing effect if you aren't careful. Another old saying is that nothing is as hard as it looks, and getting yourself into your first home is possible without making a major mistake. Read on, calm yourself, and take some positive steps in the right direction toward learning about lakefront property real estate tips.
Not necessarily like "The Money Pit"
Tom Hanks dealt with nightmare after nightmare with his home purchase, but in real life, your new home is not likely to approach the pitfalls or hilarity of the movie. If it was really that bad, would anyone ever take that step? As long as you do your due diligence there should not be anything near the drama in the movie.
Houses do have problems, though
There is simply no such thing as a perfect home, at least for most people. You can have a custom-designed built from scratch home with issues. That is what "punch lists" are for. That means you may encounter problems but you can keep those problems to a minimum by:
Having a professional inspect the house
You can go with your realtor's suggestion or find your own, but be sure whoever you go with is licensed or certified in residential construction and systems inspections. Before you make an offer to purchase, have the home inspected and then deal with any issues. Most purchase agreements have provisions for home repair issues known as contingencies.
These issues must be addressed since the closing is contingent on a satisfactory repair of something. These contingencies can be small, like a window replacement, or large, like a roof replacement. Don't allow the findings of the inspection make you unsure of the home, just allow your real estate agent to negotiate with the owners to lower the price or have the problem rectified.
Having some assurance with insurance
When it comes to getting your loan approved, a clear title is a requirement. That means that the current owner is 100% the only person who presently has an interest in the property and that no one will be coming forward to claim it later on. A title search also ensures that there are no liens on the property. No matter what, though, title insurance will protect you against any future issues with the lot or home.
Know what you are buying
In many places, a survey is part of the process, just like an appraisal or inspection. A survey gives you illustrated proof of where your property sits in relation to streets, neighbors, right-of-ways and more. Additionally, the exact square footage of the home and the piece of land is verified, along with any out-buildings (like storage rooms). Here, the presence of a neighbor's fence on your property will become clear and prompt action before it's too late.Share
1 May 2018
I have always been someone who is passionate about making the world around me more beautiful, which is probably why I was drawn to real estate initially. I really wanted to create a place where me and my family could spend a lot of time together in a peaceful, relaxing place, so I started looking for places in my area that were fit for the job. Within a few months, I was able to find an incredible property that was within my price range, so I purchased it as soon as possible. This blog is all about choosing beautiful real estate.