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8. Waiving a Home Inspection

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One of our readers suggested this tip as it’s something she fell for — and our experts agreed that this was a biggie. New homebuyers may be looking for small ways to cut costs on a big purchase by waiving the right to have their own inspector go in and review the home, says Erica Ramus, broker/owner of Ramus Realty Group in Pottsville, Penn.

“The $350-500 you put out now for a home inspection will seem like small potatoes if the home inspector finds a big problem you would regret later. Get a home inspection, or take your chances and don’t complain later if the house has unforeseen issues. Skipping this step is being penny wise but pound foolish.”

Ramus also advises buyers to avoid using a family friend or relative to do the inspection instead of using a certified home inspector. The extra cash you’ll spend is worth the fresh set of eyes.

(If you’re worried about how your credit could impact the home-buying process, check out Credit.com’s free Credit Report Card, for an easy-to-understand overview of your credit history, as well as your credit scores.)

Mistake #9: Not Budgeting for Repairs and Maintenance »

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