Buying a new house is an amazing feeling. After all, it takes years of saving and putting away money to purchase a house in this economy. One thing you do not want to do is rush the process.
If you are thinking of finalizing a sale but want to do your due diligence, stop and investigate. Do you know the history of the house? Have you had a home inspection done? Have you followed up on potential issues?
You can find basic details of a house/property through websites like Redfin and Zillow. If you want to dig a little deeper, here is what you can do to avoid unpleasant surprises after you seal the deal.
1. Research the Property History
While we know there is a distinction between fact and fiction, it’s important to know the ins and outs of the place you may one day call home.
Are there irregularities on the title report? Leverage your relationships with your real estate agent to get the answers you need. Our real estate professionals are experts in Las Vegas real estate matters, and we are here to help you in every aspect of the house before buying process. You should be informed and knowledgeable regarding all things pertaining to your new property.
2. Get Insurance Quotes
It’s always a good idea to ensure that you have proper insurance coverage for your new home. Commonly referred to as fire insurance, you can ensure that you have sufficient coverage of both the dwelling as well as your property inside the home. Consult multiple insurance companies and get quotes. Feel confident that you are making the right decision when it comes to your insurance quotes.
3. File A CLUE Report
The CLUE or Comprehensive Loss Underwriting Exchange report discloses all the insurance claims and damages tied to a property. The report can go as far back as seven years.
CLUE reports are voluntarily provided by a group of insurance companies and will help you determine any risks that purchasing a property may come with. Make sure to request one of these reports to stay as updated as possible regarding any potential issues that have arisen and that you should know about.
4. Check the Tax Payment Status
Your escrow company will provide you with information regarding the tax payment status on a property that you are in the process of the house before buying. make sure you understand all of these costs and how they pertain to you at the time of the closing of the escrow.
Ask your realtor for detailed information about how your HUD statement looks, and how you are both credited and debited regarding any tax payments that are outstanding.
5. Ask Your Potential Neighbors
Neighbors are one of the most reliable sources of information. Most of the time, they have a lot of information about the house you are thinking of purchasing, great info about schools and great restaurants, and can provide context. From homeowners’ information, property history to the market value, and pros and cons of living in the area, they know a lot of the details!
Professional Real Estate Agents Are an Asset
Having the right representation for your next real estate purchases of immense importance. It is a huge factor before you buy because you should know what you’re getting into, and ensure you have a team on your side, that you can trust.
Good real estate professionals should have your best interests at heart, a solid team, and processes in place to ensure your success! They are aware of all the relevant features of a house and its history and will share them with you. Since they also specialize in properties in areas you are interested in, they can make your house hunting journey smoother and hassle-free.