Due Diligence can Add up Fast

I've been working with a lot of first time home buyers lately. Sometimes buyers aren't aware of how quickly things can add up when they are going through their due diligence period.

A normal inspection will be around $300-400.

If you want a radon test done this could be an additional $200

If you are buying a stucco home you usually want a separate stucco inspection. Add another $400.

You'll want to get a termite inspection done which will be $50-100.

A survey will cost around $300.

The appraisal will be around $300.

If you need to get something checked out by a structural engineer that could add another $400.

I haven't had a mold test done yet but I've heard where they could cost a lot of money also.

If you have a septic take you'll need an inspection for that which could be over $100.

You can end up spending $1000-$2000 just in all of this due diligence. If you can't make the deal work, that's money down the drain.

The moral of the story is, offers can end up costing a lot of money. Don't make an offer blindly and then think that you can figure things out during the inspection period. Make sure that you are really serious about the home before you start negotiations.