A "home warranty" is frequently available at the time of purchase, and may even be a tool in negotiating terms. These warranties provide protection for a short period of time — like 1 year — against unexpected costs in home systems and appliances. A failed heater or oven, for example, might be covered by a home warranty. This financial protection in the period immediately after home purchase can be helpful, especially if down payment and closing have drained cash reserves. Home warranty may not be an option after purchase, so consider the benefits and costs prior to finalizing your deal.

The elevation of a home, in relation to surrounding terrain, directly affect the risks of flooding. Even a few feet of elevation can make a dramatic difference. If the home is on a "flood plain" — an area of land with inherent risk of flooding during high discharge — lenders will usually require flood insurance. If it is near but noton a flood plain, you may have options regarding flood insurance coverage. Flood insurance is covered through the National Flood Insurance Program. Check FloodSmart.gov for details, then shop insurance coverage for a policy that suits your needs.

As you'll see in this video is, if your home you're thinking about was developed prior to 1978 and you have kids under the age of 7 you will wish to have an examination for lead-based paint. It's crucial to understand that lead flakes from paint can be present in both the house and in the soil surrounding your home. The issue can be repaired momentarily by fixing broken paint surface areas or planting lawn over impacted soil. A lead reduction professional can be worked with to get rid of paint chips and seal harmed locations to repair the issue completely. Enjoy this video and it'll make good sense.

Do high-tension power lines have long-term health impacts? Everybody uses electrical energy, and power lines are required to carry it. Rumors and notions about possible effects from high-tension power lines have been around for quite some time. However, as this video reveals, according to the HUD – the US Department of Housing & Urban Development— there are no conclusive research findings verifying that direct exposure to power lines leads to higher circumstances of illness or disease.

Homeowners insurance is required to close the transaction. Start early to give yourself the best shot at saving costs here. Get quotes from several insurance providers. Compare insurance costs as part of comparing properties. For example, a newer brick home may have lower premiums than an older wood home. Location may affect insurance costs. Check on the proximity of fire hydrants and fire departments; closer may equal savings. Look for group protection through service organizations or alumni associations. Home purchase may be an excellent time to consolidate insurance and pocket savings. Covering home, auto and other insurance with the same company is frequently less expensive. Consider and shop deductible options in the process. Raising deductible may lower premiums, if you can handle the increased out-of-pocket consequences.

Homeowners insurance — or the paid receipt for it — is required at closing. Shopping for insurance coverage, and comparing plans early in the home-purchase cycle can pay off. Insurance agents and representatives can be a terrific resource for information. They may help you understand how insurance costs differ between properties. They might also have ideas on reducing coverage with additions like home-security systems. Regardless, proof of insurance will be required to consummate the purchase.

A home inspection provides a professional eye on the current safety, structure, construction and mechanical systems of the house. The buyer is not required to be present. However,if the inspector allows, taking notes and pictures as they do their job — without impairing their ability to do the job — are a valuable opportunity. Generally, after the inspection they will be available to answer questions about the report and any problems noted in the report. Objective, expert opinion about such an important asset is valuable. Take the time and opportunity to learn and ask maintenance questions, and to "get acquainted" with the new house you may own soon.

Understanding what a "home inspection" does is useful in the purchase (and selling) process. Home inspectors bring professional knowledge to the job of inspecting the structure, construction, systems and current state of a home. They do not weigh in the value or price of a property, but do provide an objective recommendation of status and recommended repairs. Things usually included in an inspection: Top-to-bottom structural state: roof, ceilings, walls, windows, floors and roof. Electrical system status and safety. Plumbing and waste disposal system conditions. Key mechanical systems, including water heaters, heating and A/C. Ventilation and insulation condition. Water — source, quality and (potentially) obvious plumbing issues. Pests — or the absence of. (Pest inspection may be a separate, required step in some communities.) Look for a home inspector with experience, qualifications and (ideally) time in the local market. While home inspections may or may not be required under specific market conditions, remember that skipping inspection means you own the house as-is once the deal has closed.

Home inspection is frequently required in the process of a home purchase; this short video explains the purpose of an "inspection clause" in a purchase offer. Under some market conditions, a buyer might include a clause that makes purchase conditional on, or influenced by, the results of a home inspection. This gives the buyer some latitude to exit from the deal, or to renegotiate, if the inspection reveals issues. An inspection clause might also stipulate responsibility, such as requiring the seller to address problems revealed by inspection before the purchase is completed. In other conditions, such as highly-competitive buying markets, a home-inspection clause might be left out entirely. Be clear on the risk that this introduces. The real estate professionals involved in the transaction will provide guidance on the decision.

As this video explains, cash committed to demonstrate sincere intent to go through with a detail is called "earnest money." Conditions and (sometimes) local customs may play a role, but an earnest money sum between 1% and 5% of the purchase price is typical. This is regarded as substantial enough to demonstrate good-faith intent. If agreement is reached through offer and counter-offer, the earnest money generally becomes part of the down payment or transaction closing costs. If agreement is not reached, earnest money is returned. If you back out of the offer/deal, you may forfeit the earnest money. Ask your real estate professional for guidance.