Useful Tips for Homebuying

If you are borrowing the money from a lender, avoid PMI at all costs. Private Mortgage Insurance is required if you have less than 20% deposit to put down. It protects the lender against foreclosure action and the premium is added to your monthly total. Not all lenders require this insurance so it is well worth shopping around to see if you can avoid this extra expense. After all, it doesn’t cover you, it covers your lender!

As soon as your offer is accepted, get your homeowners insurance. Then make sure those who need to know about it get to hear. Delays in getting this insurance sorted delays completions and annoys everybody.

Get your prospective purchase checked for termites and damage. It will cost you some dollars, but will be well worth it for the peace of mind alone. Ensure that any damages that you have agreed the seller carry out is in writing and included in the contract. That way they can’t wriggle out of any obligations.

As an addition to the above, get any agreements or promises between you and the seller down in writing. Anything written is worth much more than a verbal agreement, and will save any issues later on.

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