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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 home buyers 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 home buyers make. If you follow these 10 suggestions,
with the help of the right real estate professional, you’ll
make a good sound business decision that you’ll be happy and
proud of for years to come.
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 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 Plus Lifestyle
Equals Mortgage Payment- Sit down with a competent 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.
4. View Several Homes-
See at least 3-5 properties. Don’t move on the first property
you see but... don’t move too slowly either. With your agent’s
help, you’ll be able to view enough properties to get a good
overall perspective of your market. And when you find the right
property, all the leg work will be worth it.
5. Utilize Your Team-
By aligning yourself with the right real estate professional, you’ll
have an entire team working for you. Top real estate professionals
have lenders, title reps, inspection teams - an entire group of
trained professionals making 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.
My hope with this report
has been to educate you and help you avoid the pitfalls many home
buyers go through. I hope you found the ideas valuable and if there
is ever any way I can be of service to you or anyone you care about,
please contact my office. Your initial consultation is always completely
free of charge and you’re under no obligation of any kind.
We’ll sit down for 15-20 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 me a call.
I’d love to hear from you!
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