Common Mistakes to Avoid When Closing a Home

Closing a final purchase deal for a new property is a challenging process. Both a novice and an expert can make several mistakes when they are ready to buy their first home. Buying a new home is a big decision. It’s essential to consider all factors before purchasing a house and blocking a major chunk of your investment.

Buying a property is not something you do every day (unless you’re a realtor). Hence, it’s essential to do your homework before jumping to conclusions and losing time and money. Here are the most common mistakes individuals make when closing a home deal.

Buying a Property Without a Thorough Inspection

When a seller or a real estate service provider gives you information about the house, they are bound to show you around the house. If they say a particular appliance still works, don’t always believe them. Also, have the home inspected for bugs, viruses and any other insect infiltration. Look for signs of damage and other problems with the structure of the house.

You need to conduct a thorough inspection of the entire house, including the basement. Hire an expert to conduct the inspection and to suggest the cost of repair and maintenance. An experienced real estate attorney will suggest potential homebuyers hire a skilled contractor for cost estimation for maintenance and repairs. Any cost concerns with repairs and maintenance should be negotiated during the home closing deal.

Buying Furniture and Appliances Before Closing the Home

Many homebuyers make the mistake of buying furniture and appliances such as refrigerators, washing machines, couches, beds, mats, carpets and more. However, before closing the house deal, you don’t want to spend money on purchases that might not fit the house you’re buying. In many cases, you can find a home that has all the essential appliances pre-installed. Homes today come equipped with ovens, dishwashers, washing machines and much more. The price of the products is included in the final price mentioned in the closing documents.

Procrastination

When closing a home deal, don’t wait until the last minute to get your paperwork together. Make sure your credit score, bank statements and all other relevant papers are ready to go. Your lawyer will help with the home closing process and provide all the supporting documents you might need, such as the settlement statements, HUD-1 and The Real Estate Settlement Procedures Act (RESPA) forms.

If you want to find out more about this subject or wish to schedule a free consultation session with an experienced real estate lawyer, contact Fitzgerald Law Firm by calling at (630) 946-6060.

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