10 DEADLY MISTAKES
MISTAKE #1 - Choosing a real estate agent who is not committed to forming a strong with you
MISTAKE #2 - Making an offer on a home without being pre-qualified
HERE’S HOW TO AVOID IT: Pre-qualification will make your life easier—take the time to talk with bank or mortgage representatives. Their specific questions with regard to income, debt and other factors will help you determine the price range that you can afford. It is one of the most important steps on the path to home ownership.
HERE’S HOW TO AVOID IT: Early in the buying process, ask your real estate agent or mortgage representative for an estimate of closing costs. Title insurance and lawyer fees should be considered. Pre-pay responsibilities such as fees and insurance must also be taken into account. Remember to examine your settlement statement prior to closing. [I would also factor in the ongoing costs, like property taxes, utilities and yard maintenance]
MISTAKE #5 - Thinking that there is only one perfect home out there
HERE’S HOW TO AVOID IT: Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask your real estate agent for a comparative market analysis. This compares similar homes that have recently sold or are still for sale.
MISTAKE #6 - Not considering long-term needs
MISTAKE #7 – Not following through on due diligence
HERE’S HOW TO AVOID IT: Make a list of any concerns you have relating to issues such as crime rates, schools, power lines, neighbors, environmental conditions, etc. Ask the important questions before you make an offer on a home. Be diligent so that you can have confidence in your purchase.
MISTAKE #8 - Not having a home inspection
HERE’S HOW TO AVOID IT: Trying to save money today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers can overlook.
MISTAKE #9 - Not examining insurance issues
MISTAKE #10 - Not purchasing a home protection plan
If you keep the above tips, in mind you should have a much more smoother and trouble-free home buying experience. You will also more than likely visit a number of homes during your search, and the following bonus tips for will make the overall selection process easier:
Good luck on making the best and biggest investment decision of your life!