Starting the home buying purchase can be daunting, but with a knowledgeable real estate professional by your side to guide you and look at for your interests, it can turn it into a great experience. But even with a real estate professional assisting you, you'll still want to avoid some common pitfalls during the home buying process. Some of these are:
Not getting pre-approved
Speaking to a lender and getting pre-approval gives you an idea of what you can afford and how much you can borrow. It also tells sellers that you are a serious buyer and if you are looking for a home in a hot market, it allows you to jump on a property instead of having to wait for the paperwork to all go through.
Buying at first sight
So you've found a house you love, but do you love the neighborhood? Make sure that a home fits your family’s needs before buying. Check out the neighborhood; drive through at different times of day and night to assess traffic, noise and congestion. Talk to neighbors, they can be a valuable asset and can give you special insight into the area.
Overbuying
Just because the bank says you qualify to borrow more, doesn't mean you should. Carefully analyze your budget and don’t forget to include closing costs, moving expenses, and redecorating in your calculations.
Relying on oral agreements
This is a biggie--get everything in writing! If the sellers say that something is included, but it isn't written down in the contract, then make sure that it gets added in there. Having everything in writing helps you and the seller know exactly what is and isn't part of the transaction and helps keep everyone on the same page.
Skipping the fine print
The contract you'll be signing is a legally binding document, so be sure that you understand exactly what it is that you will be signing. Don't be afraid to ask questions if anything is unclear.
Making an unconditional offer
You may fall in love with a house, but be sure to protect yourself when writing up an offer! Your real estate professional can help guide you in writing an offer, but you should consider making it conditional upon financing and an inspection. A bank will want an appraisal done on the home before they approve anything, and you want to make sure that you aren't grossly overpaying for a home as well! You'll also want a thorough inspection done to catch any issues that may not be visible by a cursory look through the home. Walking through the home with the inspector can help you learn about important things (like where the water shutoff valve is!)
Hopefully with some of these tips you'll be armed and ready to go find your perfect dream home. Remember, for all your real estate needs, contact a RE/MAX Professional!
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