How to Buy Your First Home the Easy Way! Avoid
10 Common Potentially Devastating Mistakes First Time Homebuyers Make.
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Buying a home can be a "hair-raising"
experience. It can be a roller coaster of emotions...
finding the right place... securing the loan... moving in.
And if you’re like most of us, your home will be your
largest investment. The emotions over such a large and
personal purchase can often cloud good business judgment.
Many homebuyers do very little research
before “diving in” and investing their hard-earned money.
Before doing that, doesn’t it make sense to be as informed
as possible? That’s what this report is all about. It’s
designed to help you avoid 10 common, critical mistakes many
homebuyers make. If you follow these 10 suggestions, with
the help of the right real estate and mortgage
professionals, you’ll make a good sound business decision
that you’ll be happy and proud of for years to come.
1. Get Pre-Approved First – The BIGGEST
mistake you can make is to go house hunting and not be
pre-approved for financing. Imagine finding your dream home,
but the seller won’t accept any contracts from buyers who
aren’t pre-approved, so you spend the next day or so on the
pre-approval process. In the meantime, another pre-approved
buyer sweeps in and submits a contract that the buyer
accepts. You’ve just lost your dream home! Don’t let that
happen. Get pre-approved before you go shopping. Then, when
you find the home you want, you can submit a contract
immediately and hopefully obtain your first choice.
2. 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 by-laws, and association fees. Don’t
take anything for granted... inspect everything!
3. 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.
4. Income Plus Lifestyle Equals Mortgage
Payment - Sit down with a competent mortgage broker or real
estate professional and honestly discuss your income level
and living expenses. Take into account future considerations
like: children, add-ons, amenities or fix-ups. Your dream
home is certainly worth a sacrifice but don’t mortgage your
entire future.
5. Utilize Your Team - By aligning
yourself with the right mortgage and real estate
professionals, you’ll have an entire team working for you.
Your team will have access to lenders, title reps,
inspection teams - an entire group of trained professionals
to make the whole buying experience simple and easy for you.
6. Be Columbo - Check out all your costs
and expenses before you sign: utilities, taxes, insurance,
maintenance and homeowner dues, if applicable. Make sure all
utilities are on (gas, electricity, and water), 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 the 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. Many times, things are unintentionally overlooked
that could have been spotted in a final walk-through.
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 are to be in writing.
Don’t make any assumptions or believe any assurances. Even
the best intentions can be misinterpreted. Have your real
estate professional keep an ongoing log (in writing) of all
discussions, and get the seller’s written approval for all
agreements.
10. Loyalty Breeds Loyalty - Be open,
honest and up-front with your team. Hard feelings and
disloyalty will cause headaches, 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 simple, easy and
profitable experience you’ll have fond memories of... for
years to come.
Our hope with this report has been to
educate you and help you avoid the pitfalls many homebuyers
go through. We hope you found the ideas valuable and if
there is ever any way we can be of service to you or anyone
you care about, please contact my office. There is never a
consultation or application fee. We’ll talk for 10-15
minutes... no high-pressure, just plain, honest talk about
what it’s going to take to achieve your personal goals. Go
ahead, pick up the phone and give us a call.
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