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What You Need to Know About Buyer Due Diligence

What You Need To Know About Buyer Due DiligenceWoman researching homes on computer

Have you ever heard the term, “dot your i’s and cross your t’s?” This is an expression meaning that you review a document or report very carefully before turning it in. Now imagine buying home. It is a big purchase, an investment, and you are going to want to make certain that everything about your New Jersey home is in good order. This is Buyer Due Diligence. If you do your homework before buying a home, you can eliminate worries and stress. Gloria Nilson & Co. Real Estate wants to help you find the right home and protect you as a home buyer. Here is everything you want to know about buyer due diligence in New Jersey.

Due Diligence

First off, you need to know that doing your due diligence is going to require some time on your part. Your schedule is busy, but doing a few things before you even consider putting an offer down on a home can save you a lot of grief. 

Before you make an offer

•    Talk to the neighbors: That’s right, knock on a few doors around the home. The neighbors can tell you a lot about the area, the schools, flooding issues, property values and a lot of other important tidbits of vital information.

•    Check in with the local police: The local police department will have a lot of information about crime. The last thing you want is to find your dream home and then realize you moved into a criminal hot spot.

•    Road Trip: Do a little bit of investigating on your own. Drive through the area; look at the state of the surrounding neighborhoods. Remember, if you decide to buy a home you will be seeing a lot of surrounding area, make certain it is good.

Before you buy a home

Doing you due diligence can protect you from buying a bad home. If you are under contract and you find something wrong with the home, it gives you a way out.

•    Home Inspection: Never skimp on a home inspection. A home inspection will cost you a few hundred dollars, but it is money well spent. A certified home inspector can identify faulty wiring, bad plumbing, safety hazards, water damage, insufficient insulation, rodent issues, and foundation problems. They check everything from the basement to the roof. Any problems they find will be documented. 

•    Testing: There are a lot of tests that can be done in a home as well. If you have breathing issues, you can test for black mold spores. If the home was built from 2001 to 2009, you can have the drywall tested to make certain it isn’t the defective Chinese drywall that contains hazardous levels of sulfur. You will also want to consider a radon test. You cannot see or smell radon gas, but in some areas it bubbles up from deep underground. Radon causes lung cancer. Make sure you do the test.

Gloria Nilson & Co. Real Estate
One of the best things you can do, is call Gloria Nilson & Co. Real Estate. Our agents understand real estate and will help you with all of your questions. We take the stress out of home buying and are ready to answer your questions and help you with every step of home buying. 

 


Published October 19, 2016 in Buying