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Step 6: Perform Due Diligence

Just because you love a particular property doesn’t mean that it’s perfect. In fact, this is where reason has to trump emotion. You’ll need to have a property inspection (which we highly recommend you attend) that will hopefully expose all the issues a home might hide. This way you’ll know exactly what you are getting into before you sign closing papers.
  • Your main concern is the possibility of structural damage. This can come from water damage, shifting ground, or poor construction when the house was built.
  • Don’t sweat the small stuff. It’s the inspector’s job to mark everything discovered no matter how large or small. Things that are easily fixed can be overlooked.
  • If you have a big problem show up in your inspection report, you should bring in a specialist and if the worst-case scenario turns out to be true, you might want to walk away from the purchase.
  • And even if your home passes inspection with flying colors, you’ll still need to buy a home owner’s insurance policy protects you against loss or damage to the property itself and against liability in case someone sustains an injury while on your property.

 

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