Ama Adeniyi – 762-217-0181
Atlanta, GA.
Congratulations! Your offer on the house has been accepted. There’s a lot of work to be done before you can call it your home, but don’t worry, I’m here to help. This guide will walk you through the next steps (due diligence) in the home buying process. From getting your mortgage approved to moving in, I’ll tell you what to expect every step of the way. So, sit back and relax – buying a house is definitely a journey, but it’s well worth it in the end!
Home Inspection
It’s time to start shopping for a home inspector. A house inspection is a thorough evaluation of a property’s condition. The inspector will look for any major structural issues, as well as any potential safety hazards. This step is important to make sure you know exactly what you’re getting yourself into before you close on the property. Even if you’re buying a brand new home, it can uncover any hidden problems that you may not be aware of.
Cost of Repairs
If you’re like most home buyers, you probably don’t have an extra $20,000 sitting around to cover the cost of repairs. But that’s what you may be faced with if the inspection process finds serious problems with the property. Before you start packing boxes and planning your housewarming party, here’s what you need to do.
First, take a deep breath. It’s natural to feel overwhelmed when confronted with unexpected expenses, but there are options available to help you deal with them. If the seller is unwilling or unable to make the repairs themselves, you can try negotiating a lower purchase price to offset the cost of repairs. You could also ask the seller to pay for some or all of the repairs as part of your purchase agreement.
If you’re not able to come to an agreement with the seller, your next step is to get estimates from contractors to see how much the repairs will actually cost. Once you have a firm number in mind, you can decide whether it’s worth going through with the purchase or if you’d rather walk away. Remember, there’s no shame in walking away from a deal that doesn’t make financial sense – you’re not obligated to buy just because your offer was accepted.
Title Search
The next step is to order a title search. The title company will research the property’s history and make sure there are no outstanding liens or claims against it. This step is important to protect you from any potential legal issues down the road.
Zoning or Property Surveying
You will want to have the property surveyed. This will give you an idea of the exact boundaries of the property and can help avoid any potential disputes with your neighbors down the road. Zoning should also be considered when purchasing a property. Make sure that the zoning regulations allow for the type of use that you are planning for the property. Otherwise, you may run into problems when trying to get permits or make changes to the property in the future.
Real Estate Attorney
Hiring a real estate attorney is another important step to take after your offer is accepted. They can review all of the paperwork and make sure that everything is in order. They can also represent you in court if there are any problems with the sale.
Homeowners Association Restrictions
If your home is governed by a homeowner’s association, there may be some restrictions on what you can do to the property. You’ll need to review the HOA’s rules and regulations to see if there are any limitations on making changes to the exterior of the home or landscaping.
Homeowners Insurance
After your offer is accepted, you’ll need to purchase homeowners’ insurance. This will protect your home and belongings in the event of a fire, theft, or other disaster. You can shop around for the best rate but be sure to get enough coverage to replace your home and possessions if they’re destroyed. Insurance is an important part of being a homeowner, so don’t neglect it.
Final Walkthrough
The last step in the process is to schedule a final walkthrough of the house. This is your chance to make sure that everything is in order and that all agreed-upon repairs have been made. Once everything checks out, you’ll be ready to close on your new home!
The final step is to move in and make it your own! Once everything is finalized and you’ve completed closing, you’ll have the keys to your new home and can start enjoying all that it has to offer. Thanks for following along, and I hope this guide was helpful. Good luck on your journey to homeownership!
