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.
1.
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!
2.
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.
3.
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.
4.
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.
5.
Utilize Your Team- By aligning yourself
with the right mortgage consultant you will have an entire team at your
disposal. Utilize your lender to assist you with finding a real estate agent.
Each of them should work hand in hand for your benefit. Explore all the options
before you sign.
6. 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
your walk-through so you can inspect everything in working order. Ask lots of
questions and be very detail conscious.
7.
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.
8.
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.
9.
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.
10. 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.
We
sincerely hope these tips and ideas are of value to you. If there is any way we
can be of service please contact Patrick Berns. We would consider it a privilege
to be of service to you! If you would like a FREE consultation call our
office at 313-885-0800 |
