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Avoid These Home Buyer Mistakes

Avoid These Home Buyer Mistakes

 

 Helpful tips that will save you both time and money on your next home purchase.

AgentSold01.jpgShopping for a new home can be a frustrating and overwhelming experience. It’s also time consuming and involves a plethora of details to consider. Some buyers get caught up in the excitement of buying a new home tend to overlook some details. Their home purchase turns into an overly expensive or lengthy process.

Placing An Offer Without Doing Your Homework
Without research on the market and comparable homes, you could lose thousands of dollars. Be sure you have researched the market before  you present an offer. Your realtor can offer an educated opinion on the value of a home, based on market conditions, the condition of the home, and it’s local neighborhood. Especially if you are new to the city, your offer could be too much based on the current market conditions, or you could miss out on a great buying opportunity.Real Estate Advice

Not getting Financing Pre-approval
In order to buy a home, you will need to know how much you can afford and how much you can bid on a home.  It only takes a few days to get financing pre-approval from your bank or mortgage broker. Most lenders will look at your income, credit history, and current debt and expenses to accurately determine how much of a mortgage you can afford. When you are shopping for a home, a seller is more likely to consider an offer from a serious buyer who has pre-approval than a buyer who doesn’t.

Buying a home that doesn’t suit your needs

Identifying your needs and bringing an objective view to home shopping leaves you in a better position to know which homes are ideal for you. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

Not Having a Title Search
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor or lawyer can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.

Outdated Real Property Report
An RPR is essential to any home purchase. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line).

Unforeseen Repairs
For $350 – $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs, and when these repairs will need to take place. Ensure the final offer to purchase a home factors in these repairs and inspection issues.

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