Inspections
This is a major step in the buying process and there are many potential problems that can be discovered during this period. These include a leaky roof, radon gas, termite damage, a foundation problem, and wall cracks, to name a few. These problems happen all the time. The difference between closing on your dream home and starting the process all over again is what occurs during the negotiations between you and the seller.
Your Real Estate Professional can help make these discussions go more smoothly. In most states you will also have the option of a walk through before the closing. This is your last chance to make sure that all of the items that you have agreed upon were completed to your satisfaction.
Insurance
Protecting your new home with insurance is a must. How well you do that depends on the details of your policy. And while you are not legally required to have homeowners’ insurance, mortgage lenders stipulate that you do. A standard policy will suffice in most instances. It protects against several natural disasters and catastrophic events. However, it will not guard against earthquakes, floods, war, and nuclear accidents. The policy can be expanded to include these disasters as well as coverage for such things as workers' compensation. In fact, the lender may require that you purchase flood or earthquake insurance if the house is in a flood zone or a region susceptible to earthquakes. You also can increase coverage beyond the depreciated value of personal property such as televisions and furniture by purchasing a replacement-cost endorsement.