Buying a home can be an exciting but yet a scary experience, especially when it is your first time. So I decided to touch that subject today. I wanted to share with you what the top 10 mistakes are and how to avoid them.
MISTAKE No. 1: Making an offer without being pre-qualified. Getting a pre-qualification makes life and the process much easier. Always take the time to speak with a trusted lender. If you don't know one, ask.
MISTAKE No. 2: Not Having a Home Inspection. This is not the place to try and save money. A qualified home inspector will detect issues that buyers may overlook.
MISTAKE No. 3: Limiting your search to open houses, ads, or the internet. Many homes that are placed in magazines or newspapers or the internet are already sold, Contact a Realtor, they have the most current information and may even have homes that the public doesn't know about, but they do.
MISTAKE No. 4: Choosing a real estate agent who is not committed to forming a strong business relationship with you. Making a connection with the right Realtor is crucial. Choose a professional who is dedicated to serving your needs-before, during and after the sale.
MISTAKE No. 5: Thinking that there is only one perfect home out there. Buying a home is a process of elimination, not a selection. New homes come on the market everyday. Before submitting an offer, ask your Realtor to provide a Comparative Market Analysis to compare similiar homes that have sold or are sill for sale.
MISTAKE No. 6: Not considering your long term Needs. Think ahead, will the home meet your needs in 3-5 years? 5-10 years?
MISTAKE No. 7: Not Examining Insurance Issues. Purchase adequate insurance. Speaking with an insurance agent can provide you with answers to any concerns you may have.
MISTAKE No. 8: Not Purchasing a Home Protection Plan. This is a mini insurance plan that can assist with repairs for a nominal fee. The term usually last a year. Talk with your agent to find a plan that meets your needs.
MISTAKE No. 9: Not knowing total costs involved. Early in the buying process ask your lender or Realtor for estimated closing costs. All costs including title, pre-payment insurance or homeowners association fees. Also remember to examine you settlement statement prior to closing.
MISTAKE No. 10: Not following through on due diligence. Make a list of any of your concerns including; crime rates, schools, neighbors enviromental conditions, etc. Ask important questions prior to making an offer on a home. Be diligent so that you can have confidence in your purchase.
We have all been first time homebuyers at one point and even if we have bought before this could be a friendly reminder of important things to consider and do to make out homebuying experience smoother.
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