Home-Buying Mistakes to Avoid
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Buying a home is an exciting time for anyone but buyers need to be aware there are plenty of ways for them to stumble along the way. Well don't worry, we've got you covered. Here are some helpful tips on how to avoid home buying blunders.
1. Know exactly how much you can afford.
Some buyers will spend a great deal of time researching homes and comparing kitchens, bathrooms and backyards but at the same time spend almost no time researching their financing options. The first thing buyers should do is speak with a qualified lender and get preapproved for a mortgage. If you do not first know exactly how much house you can afford, you will risk falling in love with one you can't realistically afford….that usually equals bad news.
2. Property Taxes.
You need to have an idea of how much you will be paying in Property taxes. You can find this information out by calling the local tax assessor's office or even talking with people in the neighborhood. Remember, the likelihood of your Property Taxes increasing during the time your living in the home should also be factored into your budget.
3. Don't underestimate all the costs associated with buying a home.
A large number of buyers are not prepared for the additional costs of repairs and maintenance that come with homeownership. You should consider the age of the home and how well it's been maintained by the previous owners. It can be anything from bad pipes to a leaky roof…. things go wrong and will need to be fixed. Also don't forget all of the fees that are involved in buying a home.
- Title & Escrow Fee
- Notary Fee
- Loan Application Fee
- Inspection Fee
- Moving Costs Homeowners Insurance Fee
- Appraisal Fee
4. Don't skip the Inspection.
Foregoing your own home inspection is an extremely bad idea. The inspection itself is incredibly important but just as important is the individual you hire to perform the inspection. You will need to do some research online and find a reputable home inspection professional so you can be confident they actually know what they are doing. We'd love to believe that all potential issues would be disclosed by the homeowner but this isn't a perfect world and in all honestly, not all of the problems with the home might be known to the homeowner at the time of the sale.
5. True feelings…don't show those quite yet.
Remember that even if you have fallen madly in love with a particular house, do let the seller or even more importantly the seller's agent in on it. This can give them the upper hand in negotiations.
6. Find the right Real Estate Agent.
You really need to find the right agent for you and your situation. There are different types of real estate agents out there; buyer's agent, seller's agents and duel agents. If you don't feel comfortable talking with a particular agent then keep looking. You want to trust your agent and be able to voice any concerns you might have along the way and feel as though they have your best interest in mind.