Home Buying Tips

Avoid Common Mistakes

These home buying tips should help you avoid some common mistakes. Buying a home can be a roller coaster of emotions - finding the right house; getting the loan; moving in.

If you're like most of us, your home will be your biggest investment. The emotions over such a large purchase can often cloud good judgment.

Doesn't it make sense to be as informed as possible? If you follow these suggestions, and with the help of the right real estate agent, you'll make a good decision that will make you happy for many years to come.

Most of these home buying tips might seem like common sense, but it's important that you do them when searching for a new home.

1. Inspect everything. Go over the inspection report with a fine tooth comb. Make sure the report is done by a certified professional. For condo purchases, go over the buy-laws and association fees. Don't take anything for granted.

2. Imagine the property vacant. Nice looking furnishings can distort the real picture. Your furnishings and decorations will be the ones filling the new house. Don't be fooled by beautiful furniture - it goes away with the seller.

3. Your mortgage payment must be within your means. This is probably the most important of these home buying tips. Income plus lifestyle must be considered. Sit down and honestly discuss your income level and living expenses.

Take into account any future considerations. These include children, any future remodeling plans, amenities or maintenance items. Your dream home is certainly worth a sacrifice, but don't end up restricting your entire future.

4. See at least 5 homes. Never move on the first house you see, but don't move too slowly either. With your realtor's help,view enough properties to get a good overall perspective of your market. When you find the right property, the leg work will be worth it.

5. Align yourself with the right real estate professional. That way you'll have an entire team working for you. Realtors know lenders, title companies, inspection teams, etc. They comprise a group of trained professionals that make the whole buying experience simple and easy for you.

6. Know all your costs and expenses before you sign. These include utilities, taxes, insurance, maintenance and homeowner dues (if applicable). Make sure all the utilities are on (gas, electric, water) so you can inspect everything in working order. Be very detail-conscious and ask questions.

7. Do a final walk-through. Visit the property after all the furnishings have been moved to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Many times, things are unintentionally overlooked that could have been spotted at this time.

8. Closing dates are not written in stone. Allow for contingencies and have a back-up plan regarding your move. If you, the seller, or the lender need more time to conclude the final arrangements, don't let delays upset or frustrate you. These circumstances are common in real estate transactions.

9. All promises and discussions have to be in writing. Don't make assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your realtor keep an ongoing written log of all conversations, and get the seller's written approval for all agreements.

10. Be open, honest and up-front with everyone on your team. Hard feelings will cause headaches, delays, or may even keep you from getting into the house you worked so hard to locate. Take the time to select the right team in the beginning and your home purchase will be a simple, easy and profitable experience.

I hope these home buying tips help you. If you have any questions, contact me about home buying tips here.

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