Shopping for a new home is an emotional experience. It can also be time-consuming, since it comes with a wide variety of responsibilities to juggle! Some buyers, however, tend to get caught up in the excitement of buying a new home and overlook important items, which turns their home purchase into an expensive process. These errors generally fall into three categories: paying too much, losing a dream home to another buyer, or buying the wrong home.
When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase!
Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.
Buying a mis-matched home
What do you need and want in a home? It sounds simple, but it requires plenty of thought. Clearly identifying your needs and bringing an objective view to home shopping leaves you in a better position. 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!
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.
Before the purchase is completed, an updated survey is essential. 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, etc.).
For $300 - $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 if the expenses are too high to make your purchase worth it. Make the final contract subject to a favorable report.
Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power, since sellers are more likely to consider an offer from a serious buyer. Plus, some agents won't even work with buyers who haven't been pre-approved. If you have any questions about the process, just let us know!
Find Your Buying Success
Want to make sure you avoid these buying errors? We can help! With years of experience, ample local knowledge, and a wide variety of helpful resources, the Kotaska Team has what it takes to ensure your buying experience is successful and stress-free. If you're ready to kick off your search, then give us a call!