According to Bankrate.com, one of the biggest issues Millennials have with buying their first house is that they had no idea just how much repairs will cost. They make home makeovers look easy and fun on TV, but nearly half of all buyers felt totally blindsided by the amount of work that it actually takes to fix up a property.
If you are getting ready to buy your first home, make sure you read this list first, so you can be totally prepared for any of the potential issues that a house may have.
20. The “As Is” Clause
If you are looking to buy an older home, watch out for the “As Is” clause. This will usually be included on the real estate listing, saying, “This home is to be sold as-is.” More often than not, you will see this on a house that has gone through foreclosure. That means that if you find anything seriously wrong with the property later, you cannot go after the person who sold it to you.
Usually, when this clause is in a contract, it means that there are several things wrong with the house that may prevent you from getting a certificate of occupancy, or “CO”. If you find a house you are thinking of buying with an “as is” clause, always have an inspector check the property, first.