Buying a Home in Texas? Don't Skip the Option Period!
Updated: Jan 31
Are you looking to buy a home in Texas? Before committing to a purchase, be sure to include an Option Period in your contract. This period has a negotiated fee and typically lasts for 5-7 days, allowing the buyer to terminate the contract for any reason without penalty.
Buyers can conduct inspections and due diligence during the Option Period to ensure the property meets their expectations. Skipping the home inspection is NOT recommended!
It's important to pay attention to the big-ticket items, such as the AC unit, electrical wiring, appliances, roofing, and foundation. If any of these items are close to the end of their lifespan, buyers should factor in the cost of repair or replacement into their purchase price.
Another crucial aspect to consider when buying a home is the property's history. A CLUE report should show any previous insurance claims made on the property, which can provide insight into past damage and potential future issues. It can also help buyers assess the possibility of higher insurance premiums.
By following these steps, buyers can rest assured that they have taken all necessary measures to gather information about the condition of the property before making a commitment to purchase. This will give them more confidence in their investment and minimize the risk of unexpected expenses in the future.