How to Avoid the 10
Most Common Mistakes.
Most
people who purchase a home do not do much research before their purchase if
they do any research at all. Doesn’t it make sense to make your choice after
first being informed? But where do you get all the information you need? Don’t
worry this little guide will help you avoid making the 10 most common and
crucial mistakes.
- Inspect, Inspect, Inspect- Although a home inspection is
optional and typically paid for by the buyer, this money could be the most
important $225-$425 you will ever spend! Order a home inspection by a
professional. Go over the report thoroughly. Review the restrictions
(CC&R’s), By-Laws, and Association Fees with your agent. Be
comfortable that you can live with any rules and regulations placed on the
property.
- Imagine the Property Vacant-Your
furnishings will be the ones filling this new home. Don’t let current
beautiful features, furniture or disliked features or furniture sway your
decision to buy the home or not, they will leave with the owner, and if
buying a new construction remember there is a reason they are called “Model”
homes.
- Income + Lifestyle=Mortgage Payment- Sit down with
your lender and real estate agent and honestly discuss your income level
and living expenses. Take into account future considerations, children,
add-ons, amenities, and fix ups. Don’t over extend yourself, or be able to
have enough for incidentals or entertainment.
- View Several Homes- See at least 10-15 properties with your agent.
Don’t move too slowly but don’t move on the first property you see. With
your agent’s help you should be able to view enough properties to get a
good overall perspective of the market. When you find the right home for
you all the legwork will be worth it.
- Utilize Your Team- By aligning yourself with the right
real estate professional you will have an entire team at your disposal.
Utilize your lender, title rep and agent. They are all working hand in
hand for your benefit. Explore all your options.
- Be Colombo- Check out all the costs and expenses
before your 10 day inspection period is up. Utilities, taxes, insurance,
maintenance and homeowner association dues if applicable. A good agent
will make sure all the utilities (gas, electricity, and water) are on
during your walk-through so you can inspect everything in working order. Inspect
the area, talk to your future neighbors. ASK LOTS OF QUESTIONS.
- Do a Final Walk Through-Visit the property before
closing to make sure there are no surprises. Be sure the property was in
the same condition as when you wrote the contract on it.
- Plan for Flexibility- Closing dates are not written in
stone. Allow for flexibility and have a backup plan. If you or the sellers
need a little more time to conclude the final arrangements, don’t let
these delays upset or frustrate you. These types of circumstances are not
uncommon in a real estate transaction.
- If It’s Not In Writings, It Doesn’t Exist- All promises
and discussions must be in writing! Don’t make any assumptions or believe
any assurances. Even the best intentions can be misinterpreted. A good
agent will keep an ongoing log in writing of all discussions and get the
seller’s written approval on all agreements.
- Loyalty Breeds Loyalty-Be open, honest and up front
with your team. Hard feelings and disloyalty will cause headaches, delays
or may even keep you from getting into the home you worked so hard to
find. Take the time to select the right team in the beginning and your
home purchase will be pleasing and memorable experience.
Leave
it to a professional to help you have the smoothest experience possible.
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