What is your plan financially?
When I teach classes for people on buying their first homes, one thing I would show was a chart for how much money you need and when you need it. From the point of just thinking about buying (you may need $15-20 for your own credit report) to the costs of inspections, appraisals, earnest money, and the day of closing. How long does that process go and when do you need money during those stages? Selling a home isn’t free either, and having the same kind of understanding will make navigating that far easier.
Many cities, Minneapolis included, have pre-sale inspection reports as a requirement. The inspector may be either a city employee or just someone qualified to review your home for code issues. In most cases, anything below code will then become the responsibility of the new buyer, sometimes to fix within a specified time period after taking ownership. The idea is to have no items below that grade, which is another good reason to have a realtor who can help spot those before the inspection. The pre-sale inspections tend to cost between $200 and $500, and if you decide to do any repairs and have them reinspect for a cleaner report at the time of sale, plan on a small fee for a second visit.
