Buying a home can be a stressful time. You will experience a roller coaster of emotions searching for the right place, negotiating terms, securing a loan and finally moving in. A home purchase is often the largest investment we’ve ever considered. The emotions of purchasing something so expensive and personal can often cloud our judgment.Most home purchasers do a little research but never understand the complexity of the whole process. You need to become as completely informed as possible before you buy your first home.This list will help you avoid 10 common mistakes. Of course, a Realstar Sales Consultant can help you make sound decisions for your personal situation.
10 Common Home Buyer Mistakes
- Utilize Your Team – By aligning yourself with an experienced Realtor agent you will have an entire team at your disposal. Utilize the skills of your agent, lender and attorney. Each of them should work together and independently for your benefit. Make sure your agent is knowledgeable and is willing to share information with you. The more information he or she gives you the better.
- Income + Lifestyle = Mortgage Payment – Sit down with your real estate agent and lender. Honestly discuss your income level and living expenses. Take into account future considerations, add-ons, amenities, and fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future. However, interest rates are at all time lows. Don’t be afraid to spend a little more to get what you want.
- View a Variety of Homes – Don’t move too slowly, but don’t move on the first property you see. With your agent’s help you can view enough properties to get a good overall perspective of the market. Also, let your agent show you a few properties ‘outside the box’. Often times they have seen a property that fits your needs well but, you have never considered. When you find the right property all the legwork will be worth it. If it’s ‘the one’ act with diligence. Your ‘first choice’ will be someone else’s as well.
- Imagine the Property Vacant – Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture. Also, don’t be dismayed by poor decorating. A little cleaning and paint can go a long way.
- Be A Detective – Check out all costs and expenses. Utilities, taxes, insurance, maintenance and association dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order. Ask lots of questions and be very detail conscious.
- If It’s Not In Writing, It Doesn’t Exist – All offers, contracts, promises and agreements need to be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Your team will keep a list and get the seller’s written commitment on all agreements.
- Inspect, Inspect, Inspect – Select a local firm and licensed home inspector belonging to ASHI (American Society of Home Inspectors). Don’t take anything for granted. Go over the inspection report with a fine tooth comb and discuss results with your agent and attorney. Often times inspectors find problems that the homeowner was never aware of.
- Plan For Flexibility- In today’s market closing dates are not written in stone. Allow for contingencies and have a back-up plan. Sometimes sellers, attorneys and even lenders 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 today’s real estate transactions.
- Do a Final Walk-Through- Visit the property the day preceding or the day of closing, preferably after all furnishings have been moved out. Make sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
- Loyalty Breeds Loyalty- Most importantly, be open, honest and up front with your Realstar Sales Consultant. Hard feelings and disloyalty will cause headaches, delays or may even keep you from getting into the home you worked so hard to locate. Agents want your future business and will truly try to help you. Take the time to select the right team in the beginning and your first home purchase will be a pleasing and worthwhile experience. We hope these tips are of value to you.