If you're looking at buying a home, getting a mortgage, and settling down, you've already been introduced to contingencies. These are requirements that allow you to back out of the sale if they aren't met to your satisfaction. A common contingency is the home inspection contingency, where you have an inspector check out the home to ensure everything is fine. But a contingency you might not have thought about involves the yard. If the home you want is surrounded by trees, you really should consider adding another contingency involving arborists and landscapers. If you don't, you could end up spending a lot more on the home than you wanted.
The concern isn't that the trees look bad or are old, but that they'll fall, drop a branch on the roof, shed a bunch of twigs onto powerlines, and so on. The trees could be infested, too. They could also be fine but of a species that is considered protected in your area, and you wouldn't be able to remove them if you wanted to because of that protection.
When you have the trees inspected, find out about their care requirements as well. If they are high-maintenance trees, you might want to try to negotiate the house's price. After all, you'd need more money to care for the trees in that case.
Influence on Final House Price
Whatever you find out, try to factor it into the price you offer so that you don't end up feeling like you've overpaid. For example, if the trees are dying and they're near powerlines, you might have to have a specially licensed contractor remove the tree. That will cost you money, and you might feel better knowing that you were able to renegotiate the price and lower it by the same amount you spent on the tree.
Mortgage Coverage for Repairs
Another option is to see if you can get extra mortgage money to cover known repairs. This can take the form of an increased mortgage, but there is also a government loan known as the 203(k) that can help you out. But you need to know what repairs and work are needed first, and that includes any repairs needed in the yard to ensure the safety of the house.
If you want to learn more about 203(k) loans, mortgage increases, or how home inspections can affect your chances of buying a house, contact a mortgage brokerage like Premium Mortgage Corp. They can help you find the best deals and combinations of funding to make your home purchase a done deal.Share
9 September 2015
When it comes to borrowing cash for a new house or a nice car, how much money do you really need? Although you might be tempted to mortgage yourself to the brim or borrow a little more than you should, the fact of the matter is that everyone has financial limits. My blog discusses the impact of borrowing more than you need, so that you can make smarter decisions with your money. In addition to keeping you out of trouble, this valuable information might also improve your quality of life and protect your financial future. You never know, it could make all the difference.