Buying a residence can be a hair-raising experience. You'll probably experience a tilt-a-whirl of angst while finding the right place, securing the loan and finally getting moved in. For most of us, the first time home purchase is the biggest investment we've ever faced. The emotions of purchasing something so expensive and personal can often cloud our business judgment. Most home purchasers do little or no research before they invest their nest egg. Doesn't it make sense to become as completely informed as possible before you buy your first home? This section is designed to help you avoid the most common, critical mistakes. The right real estate professional can help you make good sound business decisions based on your personal situation.
Go over the inspection report with "a fine-tooth comb". Make sure the report was done by a reputable, professional organization. For condo purchases, go over the CC&R's, By-Laws, and Association Fees. Don't take anything for granted... inspect everything!
Your furnishings and decorations will be the ones filling this new residence. Don't be swayed by beautiful furniture; it leaves with the owner.
Sit down with your professional loan counselor and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a certain amount of sacrifice but don't mortgage your entire future.
See at least seven to ten properties. Don't move too slowly but don't move on the first property you see. With your agent's help you should be able to view enough properties to get a good overall perspective of the real estate market. When you find the right property all the research will be worth it.
By aligning yourself with the right professionals, you will have an entire organization at your disposal. Utilize your lender, title rep and Realtor. They all
should work hand in hand for your benefit. Explore all options before you sign.
Check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance and homeowner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order. Ask lots of questions and be very detail oriented.
Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
Closing dates are never chiseled in stone. Allow for un-foreseen situations and have a back-up plan. If you, or the sellers, need more time to conclude the final arrangements, don't let these days upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
All promises and discussions must be in writing. Assume nothing nor believe any assurances. Even the best intentions can be misconstrued. Have your Realtor maintain an ongoing log, in writing, of all discussions and get the seller's written approval on all agreements.
Openness, honesty and being up front with your team can go a long way. Hard feelings and insincerity can cause friction, delays or may even keep you from getting
into the
Home