Buying a home for the first time will always be a revealing experience. The adverts for home sales usually feature a beautiful picture of the property up for sale followed by some catchy phrases encouraging you to buy the property with so many promises. These real estate ads fail to mention such aspects during real estate sales that could discourage potential investors. You may get to realize the need to spend more money after making the complete payment as agreed between you and the real estate seller.
Many homeowners complain, and in some cases, they feel defrauded when they find out the extra costs that need to be paid before they can move into their new homes. It is quite unfortunate having this experience especially when you should be happy with a new purchase. Hidden costs usually happen in homes that have been previously occupied, but new homes also have some charges that won't be openly indicated.
In this post, I will be discussing how to avoid some of the hidden costs that you may encounter after making payment for a new property.
Hire an expert to inspect the property
It is very important that the property you are interested in is inspected by a certified expert. Many home buyers get carried away by the beauty and finishing of homes on sale. What they don’t see is the faults and cracks in the paint job and remodeling that has been done prior to putting the property on sale. Only an expert can detect these faults which will cost you a lot of money within a short period of moving into your new home.
Engage the services of a real estate lawyer
The contract agreement will contain a lot of legal terms and conditions that you may not properly understand, so it is a great idea always to have a good lawyer study your purchase contract before proceeding with the purchase. This way, any terms that have an unfavorable financial implication to you at any stage of the contract will be identified and avoided.
Many new homebuyers get overwhelmed by the long list of fees that they need to pay in addition to the payments they have already made for a property. Expenses such as bank charges, government fees, property transfer fees, stamp duty, etc. may apply. So you should find out the fees that apply to new real estate purchases in that state.
Clearing the debris
The previous occupant may have left behind a lot of debris while they were moving out. You will have to pay for the property to be cleaned before moving in, so if you notice the property is dirty, negotiate for the homeowner or agent to pay for the cleaning and come to an agreement before proceeding with your purchase.
Landscaping and other repairs
It will be such a sad tale to handle the fees for landscaping and driveway repairs after paying so much money for your new home. But you may be forced to pay these fees if you didn’t get the real estate agent to fix these repairs or make deductions from the price of the property.
These extra costs are annoying, and you should try to be careful to avoid them. The tips I have mentioned above will be very useful, and you should note that the costs of having a comprehensive inspection done for a property before purchase will be much lower than the costs of repairs and other charges. So don’t fail to have an expert inspect any property before purchase.