Those new to the real estate market are prone to many mistakes. Unfortunately, some of these mistakes aren’t realized until after purchasing property. Luckily before making a purchase of our own, we can learn from these common homebuyer regrets!
Mingling with the neighbors – Initially it may not matter to you what your neighbors are up to but if you’re going to be living right next to them it may be wise to think twice. What if your neighbors are in a band that practices most weeknights? Would a high noise level every evening bother you? Getting to know your surrounding neighbors may give you a good idea of what living next to them will be like!
NOT borrowing the maximum with your lender- It can be tempting to grab at the highest a lender is willing to offer while assuring yourself you will worry about the payoff later but it’s best to consider your payoff plan now. Give your family a little wiggle room and aim to borrow 20 percent less than your maximum.
Look at the property not the status- Many homebuyers harbor remorse after their purchase because they realize they spent so much time evaluating properties based upon if the property was in foreclosure or a short sale. Just because a home is in distress, doesn’t necessarily mean that you will be getting the most for your money. Consider all of your options slowly and recognize the sacrifices you may have to make if you do choose a foreclosed home like escalated interest rates.
Title Insurance- Make sure that you do research in the company you decide to insure one of your largest investments. Is it the seller’s choice in your location? Oftentimes, you can have a say in who you would prefer during the negotiation process. Fraud and theft is unfortunately not extinct within the real estate industry. A trustworthy title company like Title Junction will make sure that even if you come across a problem with title, you and your family are protected.
About Title Junction: Title Junction (http://www.title-junction.com) is a full service real estate title company serving the area of Fort Myers, Cape Coral, and the entire state of Florida. The company handles a number of real estate title services for both commercial and residential properties and the employees can help a foreign investor or foreign seller navigate through the tricky FIRPTA regulations. Employees of Title Junction can also act as a witness in courtesy closings, an escrow agent or a notary public. The company was founded in 2005.