3 Things to Know before Making an Offer on a Home

Making an offer on a home can be one of the most exciting things you'll ever do. While making the offer is the exciting part of the process, there are a few things that you should know. Making the offer should be the last part of an evaluation process on the house and mortgage. Here are a few things to keep in mind before you make an offer on a house.

1. Any Dangerous Conditions

One of the big things that you will want to take note of in a house is whether or not it has any dangerous conditions within. Things like toxic mold, radon, carbon monoxide, and lead paint can make it dangerous to live in. This can be avoided by having a simple home inspection done by a trained inspector. They can test for all of these conditions and more. Protecting your family and your own health should be the number one priority in the home selection process.

2. Necessary Repairs

Before you buy a house, you will want to make sure you know exactly how much it will cost to bring it up to the desired condition. This can also usually be determined by a good house inspector, although you might have to get estimates from contractors to get an exact figure. For example, if you know the roof will need to be replaced, have a roofing company come look at the property first. If the foundation has problems, you will want to get a good estimate of how much it costs to repair. Foundation repair can be one of the most costly repairs possible on your house. Make sure that you understand what you're getting into financially before you make the offer.

3. Pre-Approved

Another thing that you'll want to make sure of before you make an offer on a house is that you are pre-approved for the type of financing that you want. When you make an offer on a house you will undoubtedly have to put down some earnest money on the house. This means that if you don't come through with a purchase, they get to keep your money. In some cases, it can be quite a bit of money. Therefore, it would be to your advantage to make sure that you are pre-approved for a mortgage at your chosen lending institution before you get too deep in the process. If not, you might find yourself with limited options when it comes time to buy the house.