Dean Graziosi

Buying a home is one of the most important decisions anyone can make.  That is why many prospective buyers have learned how important having a home inspection done is.  While your dream house may look perfect from the outside, there may be hidden problems that are not noticeable to many homebuyers.  A home inspection done by a certified inspector will help you identify these problems and help you decide if they are too big to be fixed or if there is something structurally wrong that may be hazardous down the road.

Many states require that purchase contract contain a clause that allows the buyer the right to have the home inspected prior to purchase.  It is important that all prospective buyers take advantage of this clause; it was included for your protection and should be utilized.  It is important, however, to be aware of the time limit that is allowed for having an inspection done.  If you schedule your inspection after the date in the contract, you may not receive a refund of your down payment if a problem is found.  Always read the contract thoroughly and beware of any dates and limitations that may cause you to lose out on a refund if a problem is found.

Once you have found a home that you are interested in, you will want to find a certified home inspector to inspect the home.  If you are unsure of where to find an inspector, your realtor may know of some that they have worked with in the past.  Having found an inspector and set a date for inspection you and your realtor will meet the inspector at the home.  This allows you to see and hear firsthand any problems that have been found.  In most cases the inspector will walk you through the house and point out any problems that they have found.  If the inspector finds that the house is in good condition without any major problems, you can then proceed with your purchase.  If the inspector finds any problems, you will want to take them into consideration and decide if you want to go through with the purchase.

The inspection process was designed to prevent prospective buyers from buying homes that are not safe or that will require a lot of time and money to repair.  It is highly recommended that every prospective buyer take advantage of having a home inspection done, after all, a few hundred dollars spent may save you thousands in the long run.  It is worth the time and money to insure that the home you are buying is worth what you are being asked to pay.  Think of it as a way to prevent headaches and heartache once the closing papers have been signed and you have already moved in only to discover that your home is infested with termites that would have been discovered had you only had an inspection done.

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It can be very tempting to buy land and build your own house rather than buy a property that is ready to go. This is for several reasons. First, you don’t want to wind up with a house you don’t like. When you build your own house you know you will enjoy the layout of the structure for years to come. In short, you get your dream home. Second, you can sometimes buy land and build on it cheaper than you can purchase a property with a house already on it.

Whatever your reasons for looking into buying land, there are some important things you need to consider before you take the leap. Some of these things are in relation to building on the land, and some are relative to the land itself. All of these things should be carefully considered before you purchase a plot of land.

1.      How much will it cost to run utilities to the land? If the land does not already have utilities running to it, you need to consider this cost in the cost of building on the land. This type of work can really add up, and can cost thousands of dollars. It is important to consider this potential cost when deciding if it is more cost effective to buy land or a real estate property.

2.      Is the land zoned property for your use? If you want to build your dream home you will need to make sure the land is zoned for residential use. If you have a home based business or want to start one in the future, you also should make sure that the land is double zoned for residential and commercial use. This way all of your bases are covered.

3.      Is the land free for purchase? Make sure that the land is not part of a development project, as this can come with many hassles and restrictions when it comes time to build on the land. You should also make sure that there are no taxes owed or leins on the property, just as you would with any real estate transaction.

4.      Is the land in a convenient location? Often times land for sale is outside the city limits or in the suburbs. You will want to make sure that it is convenient for you in terms of work and facilities, such as the grocery store. Carefully weigh the options of living in the city versus the countryside, and make sure you are willing to make those sacrifices before spending the money on the land.

5.      Can you get the financial backing you need to build the house? Buying land is often cheap, and can typically be done using savings without any mortgage necessary. However, building a home on the land is a different story. Make sure you can get a construction mortgage before you buy the land. Qualifying for such a mortgage can often be more restrictive than a typical home loan, so you need to get pre-qualified and get that ball rolling before you buy land.

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