HUECU's annual THRIVE Home Buying Forum, which took place during the first week of March, was an exciting and educational initiative that aimed to guide first-time homebuyers through the complex process of buying a home. The four-day forum covered a broad range of topics, from current real estate market trends to the affordable path to homeownership. All presentations were recorded and can be accessed on the HUECU YouTube channel.
On Day 2 of the forum, two experts - an attorney and a home inspector - shared their insights on the final steps of securing a home and what to expect during a home inspection. Sarah Ricciardelli, an experienced attorney, emphasized the importance of having a good attorney involved in the process as soon as you decide to buy a home. She provided valuable advice on making an offer, including the importance of including essential conditions (contingencies) and avoiding too many of them, which could make it harder to get the seller to accept your offer and could put you at risk of not being approved for a deposit by a lender.
Moreover, Sarah advised buyers to ensure that their bank can wire the money on the closing day and to avoid closing on a Friday. By closing on a Wednesday or Thursday, you can ensure that the transaction gets recorded before the weekend, which can save you from the stress of not having access to your new home until Monday.
Sean Rizzo, a licensed home inspector with Tiger Home Inspection, provided valuable insights on what to expect during a home inspection. He stressed the importance of hiring a licensed home inspector and recommended choosing a company that specializes in home inspections as their core business. During the inspection, the inspector would examine the homes in the neighborhood to gain an understanding of the property. He also highlighted the need to request access to the attic during the inspection, as inspectors typically do not touch personal items.
Sean's most crucial piece of advice was never to waive the home inspection contingency. Doing so can leave you with a lot of liability and risk, and you may end up paying top dollar for a property with significant issues.
During the Q&A portion of the forum, attendees asked about typical closing costs in the Boston area, how home inspectors check for mold, and whether pest inspections are worth the cost. The panelists provided detailed answers and further guidance to attendees.
By attending Day 2 of the HUECU THRIVE Home Buying Forum and heeding the advice of experts like Sarah and Sean, potential homebuyers can navigate the process with confidence and make informed decisions. Whether you're a first-time buyer or have purchased homes before, staying up-to-date with the latest trends and insights in the real estate industry can benefit you greatly.
