 Shopping for a new home is an emotional experience. It’s also stressful, time consuming and involves so many details! Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into four areas:
Focusing too much on price
Remember, it isn't just about total purchase price -- it is about the mix of price, rates available to you, the financing options you have, local property taxes, expected appreciation of the area, and all the other things that make up a real estate deal. Sometimes paying a little more to get a home in a better area is the right decision; sometimes, it isn't. Let us guide you in this important decision.
Losing out on a dream home to another buyer
Sometimes people get so focused on the price they want to pay and nailing down all the details of a home before they make an offer, that they lose the home to someone who makes an offer first -- or who makes a slightly better counter offer. Remember, you first want to get under contract, THEN use the contingency period to figure out the details -- that way, no one else can "steal" the home out from under your decision making process. However, be sure you are pre-approved first so that the detail you are working out isn't financing.
Buying the wrong home
Sometimes people get so anxious to get on with the process that they make offers on just about anything that comes up; then they have buyers remorse after. Be sure you understand your "wants" and "needs" and then you'll get a home that meets all your "needs" and hopefully most of your "wants".
Never buying a home because they get stuck looking for "perfect"
Get clear on your priorities and spend some time understanding the market; then when the right home comes up, you'll know it -- even if it is currently painted a horrid shade of pink! There is very little about a home cosmetically that can't be changed; it is the location & the floor plan (and the price/value) that you should look at.
When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:
Bidding without sufficient information
Lauren and Danielle will never let you bid without a detailed explanation of what similar homes have sold for and what are the things about the home you are interested that make it more or less valuable than one of the "comps". We can offer an unbiased opinion on the value of a home, based on the market conditions, location, size and appearance of a home, and other somewhat intangibles such as floorplan functionality, etc. If you don't understand the market, your offer could be too much -- or you could miss out on a great buying opportunity -- so we don't let you go in blind; we educate you so that you can make informed decisions. Buying a mis-matched home
Realtors have a saying that there is a "lid for every pot" or a buyer for every home. However, when buying, it is important that the "lid" fits you and your particular needs. By helping you to clarify your priorities and "needs" vs. "wants", we can help you to get the best fit possible between your budget and your dreams.
Unclear title
Before you remove the final purchase contingencies, we will ensure that you have a clean chain of title for the home and that any potential title issues are addressed.
Unexpected repairs
For $300 - $700 (depending on size) a professional inspector will conduct a thorough inspection of the home and avoid costly surprises to you later, such as unstable foundations or moisture issues. Shopping without pre-approval
It only takes a few days to get financing pre-approval. You can see a list of lenders we recommend here. By getting pre-approved, you improve your buying power and ensure that the purchase of your dream home doesn't turn into a financing nightmare. Remember additional cost Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.
|