Moving to a new home takes a lot of effort. It can be a challenge to create a checklist and pack everything to ensure a stress-free move. But this is nothing compared to the legal and financial aspects of purchasing a new property.
There are a lot of fees that come with buying a new home. It is vital that you know these things so that you won’t get caught off-guard. Read on to get an idea of what you’re responsible for when buying a house.
Keep Your Wallet Close and Your Pen Closer
Some fees can’t be avoided, like property taxes, when buying a home. Most of these fees are included in the paperwork itself. For one, the seller typically handles payment for real estate agents. Generally, the real agent commission is six percent of the sales cost.
Any transfer tax and capital gains tax are paid by the seller. The seller will most likely take responsibility for the financial aspect to enhance the value of the house and make it appealing to buyers. You should put everything you agree to in black and white. This will protect you in case the seller does not carry out his deliverables.
Go for Repairs, Not Total Restoration
Don’t be shy to ask for repairs from a seller. Whether you want plumbing and cosmetic fixes, or wall repairs, you can ask the seller. Keep in mind that while the sky is the limit when it comes to repairs, keep them reasonable and attainable.
Put yourself in the seller’s shoes when requesting a repair. You don’t want to sell a property to someone who wants every little thing fixed. Sellers should anticipate repair requests unless they are selling a home “as-is.” If you want to make a fair request, perform a home inspection. After the inspection, communicate your requests in writing and in person. It should state there that repairs should be done prior to your move. Everything you talk about must be included in the paperwork. Also, make sure you are there on the final walk-through of the house.
Take One Last Walk Through the Home
Be there on the last walk through of the home. Take this as your last chance to check if the house is ready for occupancy. Don’t use this opportunity to look for other parts of the house that need to be repaired. Instead, check if everything you talked about was delivered by the seller and if they were consistent with the contract. Make sure everything is in good condition and heating, and the air is functioning. Take a tour of the bathrooms and make sure they are working well, as well as other appliances and fixtures.
Consider the final walk through as tour last shot to inspect the property before it becomes yours officially. This home will be yours sooner than later, and you want to make sure everything is done according to what you agreed upon. When you set foot on this house on your next visits, it’s yours and should be stress-free at this point.