How to Buy Your First Home....the Easy Way!
Avoid the
10 Most Common, Painful, Frustrating Mistakes First-Time Home Buyers Make
Buying a residence can be a hair raising experience. You
will experience a roller coaster of emotions while finding the right place,
securing the loan and finally moving in. For most of us, the first time home
purchase is the largest investment we’ve ever considered. 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 special report is designed to help
you avoid 10 common and crucial mistakes. The right real estate professional can
help you make good sound business decisions based on your personal situation.
- Inspect, Inspect and Inspect - Go over the inspection report with a
fine tooth comb. Make sure the report was done by a professional organization.
For condo purchases go over the CC&R’s, By-Laws, and Association Fees. Don’t
take anything for granted... inspect everything!
- Imagine the Property Vacant - Your furnishings and decorations will
be the ones filling this new residence. Don’t be swayed by beautiful furniture;
it leaves with the owner.
- Income + Lifestyle = Mortgage Payment - Sit down with your
professional real estate agent 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 sacrifice but don’t mortgage
your entire future.
- View Several Homes - See at least 7-10 properties. Don’t move too
slow 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 home market. When you find the right property all the leg work will be worth
it.
- Utilize Your Team - By aligning yourself with the right real estate
professional you will have an entire team at your disposal. Utilize your lender,
title rep and agent. Each of them should work hand in hand for your benefit.
Explore all the options before you sign.
- Be Columbo - Check out all costs and expenses before you sign.
Utilities, taxes, insurance, maintenance and home owner dues if applicable. Make
sure all utilities (gas, electricity, and water) are on during tyour
walk-throughso you can inspect everything in working order. Ask lots of
questions and be very detail conscious.
- Do a Final Walk-Through - 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.
- Plan For Flexibility - Closing dates are not written in stone. Allow
for contingencies and have a back-up plan. If you or the sellers need a little
more time to conclude the final arrangements, don’t let these delays upset or
frustrate you. These types of circumstances are not uncommon in a real estate
transaction.
- If It’s Not In Writing, It Doesn’t Exist - All promises and
discussions should be in writing. Don’t make any assumptions or believe any
assurances. Even the best intentions can be misinterpreted. Have your
professional keep an ongoing log in writing of all discussions and get the
seller’s written approval on all agreements.
- Loyalty Breeds Loyalty - Be open, honest and up front with your team.
Hard feelings and disloyalty will cause head aches, delays or may even keep you
from getting into the home you worked so hard to locate. Take the time to select
the right team in the beginning and your first home purchase will be a pleasing
and memorable experience.
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