There are many steps that are involved in the homebuying process, a whirlwind of decisions, paperwork, and things to do. It can be easy to fall in love with a new house that exceeds your expectations and is a place you can envision settling into. But to ensure that you’ve made the best choice, there are a few things you need to double check before signing.
Make this list, check it twice, find out if your home purchase will be naughty or nice when all is said and done. Are all of your ducks in a row yet?
Double-Check the Numbers
According to bankrate.com, typos are commonplace on the mortgage note and should be evaluated ahead of time. You’ll need to look over the numbers to determine if the interest rate or amount needs to be corrected to ensure that everything is accurate. The loan documents will then need to be sent back to the lender to ensure that the information is rewritten and is correct.
Re-evaluate the Neighborhood
You’ll need to take a close look at the neighborhood of the home that you want to purchase to ensure that you feel comfortable in the setting. Look at the neighbors’ properties to determine if the yards and homes are maintained well, which will influence the value of your own home. Look for people who may be loitering on the streets or sounds of traffic nearby at different times of the day.
Don’t Forget Title Insurance!
Before signing on a new home that you’re purchasing, it’s important to obtain title insurance from a company like TitleSmart to protect lenders against losses with defects that may be present in the title. Buyers are recommended to obtain the insurance to avoid being responsible for taxes that were unpaid on the property or a lien that was on the house from the previous owner.
Get a Homeowner’s Insurance Policy, and Study It
Getting a homeowner’s insurance policy will cover damages or problems that can occur on the property in future years. This will allow you to avoid being responsible for things like the cost of repairing wood floors that suffered water damage or cracked walls from an earthquake that occurred. But beware, every insurance policy is different. It’s important to know what your insurance covers, and most importantly, what it doesn’t.
To ensure that you make a successful purchase that you don’t regret, be proactive. If you have more questions about the homebuying process and what you need to know before signing on the dotted line, ask a licensed real estate agent. Reach out and we’ll connect you with a First Team agent near you to discuss the ins and outs of all your paperwork and processes.
Email us at clientservices@firstteam.com
Call us at 888-870-1142
This guest post is written by Kara Masterson, a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.
