So you're buying a new home.
Are you willing to buy a home "as is?" The oft-used real estate phrase refers to purchasing a home in the exact condition it is in without mandating that the sellers make certain enhancements or repairs (or offer a discount in lieu of making them) before handing over the key.
In a recent episode of Property Brothers, titled "Hometown Vegas," Drew and Jonathan Scott school viewers on why they should avoid buying homes "as is." In an article for Realtor.com Lisa Johnson Mandell explains, "Two words that spell trouble for a home? 'As is.' An as-is sale means the seller refuses to do or pay for any repairs, as is the case with this particular house."
She continues, adding, "Already the Scott brothers can see during their tour that there are plenty of obvious problems, let alone the ones that will be revealed as they work." Thankfully, the duo built money into their client's budget for such expenses, but home buyers don't always reevaluate thier budget when buying their home "as is."
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Bottom line: If you're okay with buying a home in the exact condition you toured it, be sure you're aware of any additional repairs it may need and feel comfortable footing that bill on top of your budget for buying the home itself.
Or, you know, make sure you've got kind folks like Jonathan and Drew to watch out for you every step of the way. (We can dream.)