As my wife and I looked into buying our first home, we knew very little about the process. We were very worried about how we were going to make the money part of it work out for us, and poked around for information about any little thing that could help. Luckily, we came across information on programs that we were eligible for because we were first-time home buyers. First, we looked into loan options for first-time home buyers. But after weighing our options, we ended up deciding to apply for a first- time home buyer’s grant, and that was definitely the right decision for us and it might be the right decision for you.
After you have a purchase agreement on a home, it’s a good idea to get a home inspection before you negotiate a final offer. Jerry Lootens, an ASHI-certified home inspector, says that a home inspector looks at the functionality and conditions of all the systems within the house to make sure you won’t run into a major problem in the future. The types of things a home inspector looks at include
- Heating system
- Central air system
- Electrical system
- Walls, windows and doors
If the inspector finds that something is wrong with the overall condition of the home, you can go back to the seller and negotiate a new price to include any money required to fix problems that were found during the home inspection.
The main difference between a home inspection and an appraisal inspection is that the appraiser is solely focused on the value of the home, not necessarily the conditions of the home itself. Both can affect the price of the home, so it‘s essential to get both inspections.
Watch the video below from our First-Time Home Buyer Q&A Google Hangout for more information on both home and appraisal inspections.