In a market moving so quickly that the typical length of due diligence has gone from 5-7 days to 3 if you’re lucky, you want to make sure that you’re making the most of every second. So, how can you do that? What items should you make sure that you cross out during your due diligence period? Here are our top five recommendations based on feedback we have gotten from clients over the years. You’ll find that most of them happen right around the same time frame, which we find helpful since you have so little time these days to make your final decision about the home.

Schedule and attend your inspection

One of the most important things you can do to set yourself up for success when buying a house is to make sure that you have an inspection done by a licensed professional. This is vital even if you don’t have a due diligence period, but when you do have one, you want to make sure that you not only schedule your inspection to happen as quickly as possible but also make sure that you attend the walkthrough. But why is this second portion important? Why should you take the time to go and see the house in person again when any good inspector will send your report to your email even if you don’t go in person?

There are several good reasons for this, but one of the most important is that seeing the items that the inspector is talking about in person is far more likely to put them in perspective for you. After all, an 80 page report is going to be extremely overwhelming, no matter what it contains, and seeing the items in person where you can have a sense of context is going to allow you to make much better choices about whether you want to continue with the contract and can deal with the issues that have arisen. 

Make sure that you still feel excited about the home

While you’re attending your inspection, one of the most important things to do other than making sure that you know what the inspector has found is to ensure that you still love the house. After all, purchasing a home is expensive, especially with the price increases that have occurred in the last few years around us. You want to make sure that you really have chosen the right one for you and your family. How do you do that exactly? Visit room by room and really picture the space. Think about your current furniture, pros and cons of the home, and the market to make sure that, given all of the circumstances, you’ve found the right one for you. 

Measure during the inspection.

One of the most time efficient things you can do during due diligence is to measure while you’re at the home for the inspection walkthrough. While you can also do this at the final walkthrough, having that information throughout the contract process is going to make your life much easier as you get settled in. So don’t forget your tape measures! You want to make sure that your antique china cabinet from grandma really does fit right where you picture it going. 

Do research into the area

If you’re moving into a new area that you don’t know much about, it’s always a good idea to use your due diligence period to make sure that the area is right for you. That can include everything from figuring out the best local restaurants to looking into the school ratings your home is districted to. Your agent will be able to help you with some of these things, but their expertise and scope of work only goes so far, so this is a great time to do some legwork of your own to make sure that the area is a good fit for you! 

Make sure your monthly payment looks good

Most new construction homes come with some sort of warranty. Big builders are particular popular for

While you will likely be protected by a financing contingency in your contract, one thing that’s a very good idea to check out is your estimated monthly payment based on current taxes, insurance payment, and any HOA dues due on the home you have decided to purchase. After all, every house will be slightly different, and you want to make sure that you understand how much you are looking at paying to make sure that there is nothing unique about this particular home that is going to push you over budget. Why focus on this in the beginning if you are protected? For one thing, in a world of such quickly fluctuating interest rates, you want to make sure that if this house isn’t going to work out that you know ASAP so you can find the next one at the same or very similar interest rates. For another, after paying for an inspection, appraisal, and other potential costs that could arrive, you’ll likely have paid around 800-1K by the time your financing contingency ends. Why not save that money early by doing your research and getting your clarifications early on?

We hope that these recommendations help get you off to a great start on your next home purchase. Due diligence, even when it is shortened, is an excellent opportunity where you as the buyer have more power than at any other time in the buying process, so you want to make sure to take complete advantage of it, outside of the normal negotiation strategies. If you have any other questions as to how you can better make use of your due diligence period, please reach out to us by phone call or text at (678) 242—9981 or by sending us a message directly to our messenger account by clicking on the red message icon at the bottom right of your screen. We can’t wait to help you however we can.