4 Things to know [Money pit] Protect Your Home Purchase [Home Loans] Don't Buy a Money Pit!

Money Pit! How can you avoid buying a house that turns into a money pit?

Here are 4 simple tools to use to ensure a money pit is not in your home buying future!

00:00 People Worry About Buying a Money Pit
0:40 Get a Home Inspection
2:00 Get a Home Warranty
3:06 Get Homeowner's Insurance
3:47 There are Ways to Protect Yourself

A common issue that renter often uses as an excuse for not choosing to purchase a home if maintenance and the worry of everything breaking down and fear of a money pit!

With options to both avoid the problem as well as protect yourself against it, the first step in the home buying process should be to hire a quality home inspector.

Your real estate agent should be able to provide you with an inspector that will check virtually everything in the home from plumbing to electric, structure of the house, appliances, and details down to doorknobs and their functionality.

Every detail is written into a report so that you will know the true condition of a home.

The average cost is $300 to $500 for an inspection and can save you much heartache as well as money by knowing what the issues are ahead of time.

Often your real estate agent can negotiate the repairs to be completed and paid for by the seller.

Even after inspection there can be issues, as wear and tear just naturally take place over time.
That is why a home warranty can be a great idea. A home warranty can cover anything from an appliance to a ceiling fan, to a pool filter and air conditioner.

The suggestion would be to read it carefully to ensure you know what items are and are not protected. You can always buy a more detailed policy (for a higher cost of course) which can even cover a washer and dryer.

Your real estate agent can often request that the seller pay the first year of a home warranty and most sellers will agree to do that.

Next of course from major house damage is your homeowner's insurance policy which protects you against not just fire but also from other items which can be catastrophic!

I once had a leak in my house that resulted in over $15,000 in damage. I paid $500 deductible and the insurance company paid the other $14,500!

That is a great reason to have a good insurance policy!

A licensed and certified roofer can also be a wise choice to get a roof certification from.

A rook inspection can save you from costly repairs by knowing upfront and having an option to either walk away from the deal or require it be fixed by the seller prior to the close of escrow.

So the 4 items that you should consider carefully and probably not skimp on are:

1) Home inspection
2) Home Warranty
3) Homeowners Insurance
4) Roof Certification

Just protect yourself and then go and Fire Your Landlord!

http://www.FireYourLandlord.info for FHA loan application online. Apply online. even FHA Loans bad credit!

FHA Loan guidelines for FHA mortgage loans are the same in California and nationally.
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#homeloans #homeloan #mortgage

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