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When your search of Ramsey residential properties is over and you’ve found the perfect piece of real estate, you can’t be too thorough in your inspection of the property. Whether you’re buying a new $2.5-million Victorian colonial home or a $400,000 condominium, it’s worth the effort to do a walk-through. It’s also worth the money to pay for inspections before closing.
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Ramsey Real Estate
Buying a home is probably the biggest investment you’ll ever make. Once you’ve narrowed down your search of Ramsey residential properties to a home you want to make an offer on, talk to your real estate agent about adding inspection contingencies to the contract.
Inspection Contingencies
The wording of a contingency in a contract will allow you to back out of the contract if the contingency is not met. An inspection contingency will give you the right to inspect the property by a certain date. The wording should allow you alternative options if you find the property is damaged in any way. These options can be anything from backing out of the contract with no consequences to splitting the repair costs with the seller. A good real estate agent will work with the seller on including as many contingencies as the seller will agree on.
Home Inspection
Lenders don’t always require home inspections, but you don’t want to invest in property without one. This is the most important inspection and will tell you if the house is worth the asking price. A home inspector will take a thorough look at the overall structure of the property. This includes the foundation, plumbing, wiring, roofing, insulation and much more. Finding a problem with the foundation, the plumbing or the wiring is a good reason to back out of a contract, so don’t sign a contract without a home inspection contingency.
Pest Inspection
Termites can destroy the structure of a home and lenders sometimes require a pest inspection anyway. Whether the home has a history of termite or other wood destroying insect infestations or not, this is an important contingency to have in your contract. These types of infestations can greatly reduce the value of a property and can make a home dangerous to live in.
Additional Inspections
Ask your agent what environmental dangers have been found in other real estate in the area. Some hazards may include toxic molds, radon gas and asbestos. Don’t worry about seeming paranoid to your agent or the seller. These concerns are legitimate, and your family’s health is reason enough to look into it. If there have been reports of an environmental hazard in nearby Ramsey residential properties, add a contingency to inspect the house for that particular hazard. New homes shouldn’t need these types of inspections, but ask your agent just to make sure.
Walk-Through
Finally, make sure you do a final walk-through with your real estate agent before closing. Many buyers, after an exhaustive search through Ramsey residential properties, get so excited to have found a house they love, they overlook the final walk-through. It’s important to walk through the house after the seller has moved out. Doing a final walk-through in a vacant house will allow you to see every part of the interior. It will also ensure that the seller didn’t nick up moldings or scratch up walls while moving furniture after you’ve closed on the house.
by Merrell S. Jones
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®