3 Ways to Protect Yourself When Buying a Home

home inspectionWhen you sign your offer/contract, you should make sure you construct your offer so it is written in such a way that you are protecting your own interests.  Here are 3 suggestions:

1. Get a home inspection.

Make your offer contingent upon having a whole house inspection conducted by a professional inspector registered in the state of Kansas.  He/she should complete a thorough examination of the home’s interior and exterior and provide you with a written report.  The purpose of the inspection is to give you a much better idea of the home’s physical condition than you would otherwise have known.

2. Consider purchasing a home warranty.

Purchasing a home warranty is like purchasing a 1 year insurance policy on certain covered items in your home.  The most common claims are for the A/C, heat and hot water tank. You can purchase this or you could even negotiate this with the seller and ask him/her to pay for it at closing. The cost is usually around $400 and each service call generally requires the new owner to pay a deductible, usually about $75.  The warranty is usually valid for a year and is a limited warranty policy which covers a list of components in the house if they should need serviced during the contractual period.

3. Purchase title insurance.

It may be required by your lender, but with a cash deal, it is not. Title insurance is meant to protect an owner’s or a lender’s financial interest in real property against loss due to title defects, liens or other matters related to the title or ownership of the property.

Be sure you and your agent take time to discuss these tools before writing your offer to purchase.