Do your homework, get a passing grade!
You have found your dream home, the contract was written and accepted. Now the FUN begins as every detail of the property will be researched thoroughly, allowing you to become intimately acquainted with the home through due diligence.
It is your responsibility as a potential home buyer to:
- Research the cost of homeowner's insurance, taxes, acreage, square footage, environmental issues, geologic conditions.
- Get a home inspection to ensure the structure is sound and in good working order.
- Ask for receipts on prior repairs, remodel work done when disclosed on Seller's Property Condition Disclosure form.
- Investigate the neighborhood during the day and at night, the surrounding area, schools, shopping, medical facilities, crime statistics, flood zones.
- Read and understand the Covenants, Conditions & Restrictions (if applicable) that every owner must adhere to. These are set in stone and will not change.
Also, talking to residents in the area will give an overall impression of livability plus inside information regarding the neighborhood. Taking short cuts or forgoing due diligence may create problems further ahead and while real estate agents must disclose what they know about a property, they do not necessarily know everything.
Home buyers: Do your homework, be diligent to ensure the home gets a passing grade and will be a smart purchase to serve you and your family well for many years. Happy days ahead!
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