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They will also check out the roof and investigate the state of the kitchen appliances

They will also check out the roof and investigate the state of the kitchen appliances

Home inspections are a normal part of due diligence. A home inspector will look at the heating, cooling, plumbing, electrical system, and appliances.

Then the home inspector will summarize their findings in a report. If the home inspector indicates a number of minor repairs, you may be able to ask the seller to cover these. But if the repairs are significant and costly, you might want to walk away from the house.

Plan on Other Inspections

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It’s also wise to inspect the home for other issues, like radon gas or lead-based paint. These are potentially deadly problems that you’ll want to fix right away. The last thing you want is bugs in your house that are destroying the foundation!

And your lending agency will have someone appraise the home. The appraiser will look at the lot size, neighborhood, and square footage. A lower appraisal may force the seller to lower the price of the home.

Understanding the Extra Costs of Homeownership

Buying a home requires more than making a down payment and monthly mortgage payments. It’s critical to set aside money to cover the additional costs.

Set Aside Money for Closing Costs

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When you’re at the end of the home buying process, you’ll encounter closing costs. Closing costs can be up to 5% of the amount of your loan.

Closing costs include homeowners insurance, home appraisal fees, and loan origination fees. You also might see attorney fees and escrow charges. Continue reading They will also check out the roof and investigate the state of the kitchen appliances