To buy a house, secure pre-approval, negotiate a purchase offer, and close with a deposit (1-3% of the price). After paying the deposit, hire a licensed inspector to assess the property’s condition, identify defects, and negotiate repairs or price adjustments.

Paying a deposit secures the buyer’s intent and typically ranges from 1-3% of the purchase price, depending on market conditions and negotiation leverage. For example, the National Association of Realtors (NAR) reports that 2023 deposit averages were 1.5-2% for conventional loans, rising to 5-10% in competitive markets. A deposit signals serious interest, encouraging sellers to prioritize the buyer. After payment, a property inspection is critical to uncover hidden issues like structural damage, plumbing leaks, or mold, which can cost thousands to repair. The American Society of Home Inspectors (ASHI) estimates that 90% of buyers hire inspectors, and 15-20% of sales involve renegotiation after discovering defects. For instance, a 2022 ASHI study found that 60% of inspections revealed roof issues, 40% identified electrical hazards, and 30% uncovered plumbing problems. Proactive inspection reduces financial risk, as unresolved issues can lead to post-purchase expenses exceeding 5% of the home’s value. sellers often resist repairs, so buyers with pre-approval and a strong deposit position are better positioned to negotiate. Data from the Federal Housing Finance Agency (FHFA) shows that homes with pre-inspection reports sell 10-15% faster and at higher prices, as buyers gain confidence. Ultimately, combining a competitive deposit with a thorough inspection minimizes long-term costs and maximizes value.