We’re still very much in a buyers’ market, and as a homebuyer you feel excited to find that real gem of a home at a nicely reduced price. But nevertheless, with prices falling, low interest rates and lots of houses to choose from – first time homebuyers and even the more experienced homebuyers need to be aware of the many pitfalls that can occur during the purchase of a home. Here’s a few tips to help you avoid making a home buying mistake.
1. Prepare a List
If you don’t know what you want, you might very well make a mistake and buy the wrong house. Some things to consider might be the proximity of schools, shopping and highway access for the commuters. You also have to look at the cost of owning a home such as taxes, insurance, electricity, natural gas, telephone etc… Start with a home buying list and ensure you and your real estate agent are on the same page when looking for properties.
2. Get Your Finances in Order
Before you get your hopes up on what you can comfortably afford you should always get pre-qualified by your lender before your search even begins. This is a big step that any real estate agent will want you to do before you go into shopping mode. There’s nothing worse than falling in love with your dream home and then realizing after-the-fact that you simply can’t afford to live in it.
3. Hire a Lawyer
There’s more to real estate than just finding the right home. As much as this might be an afterthought, the process of buying a home is consists of a number of legal documents and agreements. Before you sign anything, you should always consult with your attorney. It’s a good idea to have them look over all documents, including the legal documents you sign with your chosen real estate agent/broker. Think of it this way, you are about to spend hundreds-of-thousands of dollars and you need to ensure you are protected from any legal issues that might arise.
4. Choosing a Real Estate Agent
To continue reading this article, please click HERE
Comments(1)