How to buy a
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10 common mistakes first-time buyers make
10 common mistakes first-time home buyers make
How to Buy Your First Home... the Easy Way! Avoid the 10 Most Common,
Painful, Frustrating Mistakes First-Time Home Buyers Make.
Buying a residence can be a hair raising experience.
You will experience a roller coaster of emotions while finding the right
place, securing the loan and finally moving in. For most of us, the first
time home purchase is the largest investment we’ve ever considered.
The emotions of purchasing something so expensive and personal can often
cloud our business judgment.
Most home purchasers do little or no research before
they invest their nest egg. Doesn’t it make sense to become as completely
informed as possible before you buy your first home? This special report
is designed to help you avoid 10 common and crucial mistakes. The right
real estate professional can help you make good sound business decisions
based on your personal situation.
- Inspect, Inspect and Inspect
Go over the inspection report with a fine tooth comb. Make sure the
report was done by a professional organization. For condo purchases
go over the CC&R’s, By-Laws, and Association Fees. Don’t
take anything for granted... inspect everything!
- Imagine the Property Vacant
Your furnishings and decorations will be the ones filling this new residence.
Don’t be swayed by beautiful furniture; it leaves with the owner.
- Income + Lifestyle = Mortgage Payment
Sit down with your professional real estate agent and honestly discuss
your income level and living expenses. Take into account future considerations,
children, add-ons, amenities, and fix-ups. Your dream home is certainly
worth a sacrifice but don’t mortgage your entire future.
- View Several Homes
See at least 7-10 properties. Don’t move too slow 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 home market. When you find the right property all the leg work
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. Each of them should work hand in hand for your benefit. Explore
all the options before you sign.
- Be Columbo
Check out all costs and expenses before you sign. Utilities, taxes,
insurance, maintenance and home owner dues if applicable. Make sure
all utilities (gas, electricity, and water) are on during tyour walk-throughso
you can inspect everything in working order. Ask lots of questions and
be very detail conscious.
- Do a Final Walk-Through
Visit the property after all furnishings have been moved out to be 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.
- Plan For Flexibility
Closing dates are not written in stone. Allow for contingencies and
have a back-up 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 Writing, It Doesn’t Exist
All promises and discussions should be in writing. Don’t make
any assumptions or believe any assurances. Even the best intentions
can be misinterpreted. Have your professional 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 head aches, delays or may even keep you from getting into
the home you worked so hard to locate. Take the time to select the right
team in the beginning and your first home purchase will be a pleasing
and memorable experience.
List by Bill
Remorenko. Used with permission.