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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.
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