6. Do you need a home inspection?
You may choose to get a home inspection before or after your purchase. A home inspection gives you a baseline for understanding what the condition of your house is.
A qualified home inspector can tell you what shape important things are in, such as:
- the roof, and
If your offer is conditional on a home inspection, you might be able to ask the homeowners to fix any issues.
During competitive housing markets, many homebuyers choose to forgo a home inspection. However, that comes with its own set of risks. If you don't get a home inspection, you're relying on the seller to disclose everything about the house. Having an impartial opinion from a licensed home inspector can help reduce your risk.
7. How can you protect your mortgage?
Your house is a big investment. You’ll want to make sure it’s protected. Mortgage protection combines term life insurance and critical illness insurance.
Critical illness insurance gives you a one-time payment if you become seriously ill with a covered illness. You can use the money for your mortgage or other expenses as you choose.
Life insurance pays a tax-free amount to your chosen beneficiary (the person who receives the payment) when you die. Your loved ones can choose how to spend the money, including paying off your mortgage, manage other debts, and more.