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Top Due Diligence Tasks
For The First Time Home Buyer
Just like a lot of first times, buying a home for the very first time is exciting, but can also bring its own list of challenges. There are certain tips and tricks that you'll know when you've done it a few times, but what if you are doing it for the very first time? While it's impossible to get everything right, here are some due diligence details to keep in mind when you are looking at buying a house.
Go over the disclosure statement with a fine-tooth comb: Legal mumbo-jumbo as well as the inspection report are hard to tolerate, especially when it's your first time being hit with it.That being said, you should understand everything that's in the disclosure report, as it will tell you whether there are any red flag issues that may make you walk away.Not sure how to figure it out? Hire someone that can. It may seem like an unnecessary expense, but it could help you feel assured in your purchase or help you walk away from a disaster.
Take a look at the house at different times of the day and in varying weather: Ideally, you should visit the house on a rainy or dim day to see what it would look like in the "worst” conditions, but since you are not always able to do that, you should drive by the house several times in varying weather conditions, and times of day or evening. It will also help you to test the commute.
Get to know the neighborhood: Don't be afraid to tour the neighborhood and even get to know your new neighbors. You'll even be able to ask all sorts of questions when it comes to the previous owners that you may not be able find elsewhere (drunken parties or even events such as a crime, etc).
Try out the driveway: While it's often neglected when you are looking at a house for the first time, making sure that your car can fit in the driveway (and get back out again safely) is an important thing to focus on, unless you're specifically looking at destroying the driveway and creating it from scratch again after getting possession of it. It doesn't seem like a big deal at first, but you don't want to drive into the driveway – or attempt to – on move-in day, only to find out that your car doesn't fit.
While we're all vulnerable to getting lost in the excitement of the moment when it comes to buying a house, taking a look at the intangibles like these can help you guarantee that you are putting your money into a good investment and not a lemon in disguise. Before you sign the papers, it's important to make sure that you are understanding what exactly you are signing your name and your money to. This will keep away those nasty surprises and allow you to thoroughly enjoy the entire process.
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