Top 10 Home Buyer Mistakes To Avoid if you are buying a home for the first-time the excitement level in your life is high. However, too often first-time home buyers are the ones who seem to make simple mistakes because they don’t truly understand the buying process.
With that mind, consider these items:
1. General price range
2. Approximate size (in sq. footage)
3. General location, area or subdivision
4. Number of bedrooms
5. Number of bathrooms
6. Style and layout of home
7. School requirements or districts
Don’t assume the first lender you ask is giving you the most competitive rate. Talk to more than one lender (ask your REALTOR for recommendations) to comparison shop for a mortgage.
All that remains is the property appraisal for you to get a home loan once you’ve been pre-approved.
Why is this so important?
Pre-approval is a powerful weapon when it comes to negotiating the price you want, so it’s worth it even if it takes a few days to a few weeks. It tells the sellers you are serious and they may accept your offer even it’s less than someone else’s because they know you can get financing. On the flip side, without pre-approval, you may put an offer on a home but the seller goes with someone else who has one.
Get a written confirmation on when and a firm time-frame those items will be completed by the builder. typically do a walk-through with the builder’s representative. Items that are not completed will be entered onto a “punch list,” which will be discussed at closing. Get a written confirmation on when and a firm time-frame those items will be completed by the builder.
That’s what the seller wants you to do. Work with your REALTOR to understand what you should offer the seller.
Also, imagine the space empty and think how your furniture and belongings will fit in. You may want new furniture, but buying it just to fill space can be a budget-killer. Or, you may still have to get new furniture if your current pieces don’t fit.
Also, consider what the neighborhood will look like in five years? What are plans for future development? And how will they affect your resell value if you don’t want to keep living in this home?
If the home you are considering to buy a home that has serious issues, such as: mold, water damage, pests or other major issues and the seller isn’t willing to work with you to fix or provide a credit and it’s not in your budget, then you may have to walk away from the deal.
Visit the property after all the furnishings have been moved out to make sure there are no surprises. If you’re buying a new home, you’ll typically to a walk-through with the Builder’s representative.
Most contracts are legal and binding when they are signed and dated by both parties, understand what you are signing before it become binding.
Then select at least three individuals to interview. Hire someone who understands your goals and will help you find the perfect home at the right price.
Helping you find the perfect home at the right price… so you don’t have to worry you bought the wrong home or paid too much.
Providing you with direction and contacts to get pre-approved for a home loan… so you’re never lost trying to find the most affordable financing for your situation.
Negotiating the best deal with the sellers… so you avoid costly traps and pitfalls. You don’t make money when you sell a home; you make money when you buy it!
Coordinating all inspections, appraisals, escrow and title services, with the very best companies… so you feel confident and can focus on other tasks with your move.
Should You have any questions, please give The SAYHAY Team a call at 412-303-3600.