Monday, March 3, 2014

Buying a Home? 4 common mistakes to avoid....

Buying a home should be a positive, exciting experience. To keep that happy feeling, it's particularly important for first time (and even second and third time) buyers to watch for potential mistakes. Here are the top four things to watch out for.

  1. Looking for the one perfect home: You could search endlessly and never find a home that has everything you want. Remember things like paint colors and carpeting can easily be changed. A home that is in less than perfect condition could be a bargain, if you can handle repairs. And if appliances aren't included, you can always provide your own. Keep in the mind that the home's location is permanent and you won't be able to increase its size without considerable effort unless there's extra space you can finish. Think about where you're willing to make compromises and where you're not, to make the decision process easier.

  2. Being in a hurry: While it may be tempting, try to avoid hastily making an offer on the first house that captures your fancy.  Go over your list of wants and needs (or make one) and be sure the home you’re considering fits your criteria as closely as possible.  Make proper arrangements beforehand, including getting your credit in order and arranging for financing.  And always work with a qualified, professional representative.  A responsible, trustworthy real estate agent who is working for you will save you time and money.  We are aware of the pitfalls that can be associated with buying or selling a home, and can offer guidance every step of the way.  Let us help you make your experience a happy and positive one!

  3. Overbuying: Remember when Mom cautioned that your eyes might be bigger than your stomach? That cautionary remark applies to many things. Don't become house poor. If every dime goes to your house payment, you'll have nothing left over for anything else. This can quickly become stressful, and can lead to problems if things go wrong. Leave a little breathing room.

  4. Nixing the inspection process: You may save a few hundred dollars by going without the inspections. And you could get your cousin or best friend to poke around in the house looking for potential problems. But it could cost you much more down the line. Don't be penny wise and pound foolish. Professional inspections are worth their weight in gold. You'll get an extensive list on the condition of everything in the house, including mechanicals, appliances and the roof. Many inspectors also provide a list of repairs that will need to be made sooner rather than later. This information will help you budget because you'll know the lifespan of these items.
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