The excitement of buying a house and transforming it into a home can sometimes result in the buyer making an irrational decision. Nobody wants to make an investment that they later regret, which is what the purpose of a final walkthrough is. What is a final walk through, you ask? Well, it is essentially the last chance you will have to walk around the premises with your realtor.
Unless you are aware of what to look for, there is a chance you might miss something, such as an underlying problem that could potentially turn into an expensive repair job. With that being said, it is crucial that you use this time wisely to ensure the property condition has not changed in any way since the last time you inspected it.
Here are the main things you must focus on for the final walk through:
- Check Repairs – Should there be a problem, get an estimate of how long the repairs will take to complete, so that you can move into the house with no worries about the condition. In most cases, the owner of a property will arrange to repair visible and invisible problems prior to the moving in date. This is the time to check if the repairs requested were made. In the event that the repairs are not required until after the moving in date, a home warranty will cover it.
- Check Appliances – There are several things you should inspect when you attend the final walk through. Failure to do so might result in you spending thousands of dollars for repairs once you finally move in. Flip the light switch on and off when entering every room, test all appliances, and flush the toilet. Heating and air conditioning may encounter a fault if the appliances are not maintained properly, too.
- Check for Leaks – Did you know that a leak inside a property can cost you a lot of money? In fact, even the smallest of leaks can increase water usage by a lot. If you don’t take the time to listen for hissing noises, check the leak indicator on the water meter, and investigate the average water usage, it will be you who is responsible for funding the repairs, not the seller.
- Check for General Damage – Make sure there isn’t any damage from when the offer was submitted to time of the final inspection. If the property condition has changed from the first time you walked around it, you have the right to request the property owner to pay for repairs. An insurance policy will come in handy if you notice damages after you have moved in. However, the type of coverage you receive will depend on state laws, so bear this in mind and contact a claim representative if in doubt.
Once you have completed the final walk through and have deemed the condition to be good, a contract will need to be signed. The contract addendum serves as proof that you are satisfied with the property. Furthermore, it confirms the completion of any agreed-upon repairs.Read More »