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Avoid the Most Common Buying Errors
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Shopping for a new home is an emotional experience. It’s also time-consuming and involves a myriad of details. Some buyers, however, caught up in the excitement of buying a new home, tend to overlook some items. Their home purchase turns into an expensive process.
These errors generally fall into three categories:
- Paying too much.
- Losing your dream home to another buyer.
- Buying the wrong home.
When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips and things to consider to make the most of your home purchase:
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Bidding Without Sufficient Information.
What price do you offer a seller? Is the seller’s
asking price too high? Is it a deal? Without research
on the market and comparable homes, you could
lose thousands of dollars. Before you make that
offer, be sure you have researched the market. A
professional realtor can offer an unbiased opinion
on the value of a home based on market conditions,
condition of the home and neighborhood. Without
knowledge of the market, your offer could be too
much. Or worse, you could miss out on a great
buying opportunity.
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Buying a Mis-Matched Home.
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and
bringing an objective view to home shopping
leaves you in a better position. Sometimes, home
buyers buy a home that is too large or too small
for their needs. Perhaps they didn’t consider the
drive to work, the distance to school or the many
repair jobs waiting for completion. Plan ahead.
Use your needs list as a guideline for every
home you view.
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Unclear Title.
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.
Outdated Survey.
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.).
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Unexpected Repairs.
For $300-$500 a professional inspector will
conduct a thorough inspection of the home. This
way, you’ll have an idea of the cost of future repairs.
Make the final contract subject to a favourable
report.
Shopping Without Pre-Approval.
It only takes a few days to get financing pre-
approval. When you are shopping for a home, this
gives you more power. A seller is more likely to
consider an offer from a serious buyer.
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Additional Buyer Reports
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Be Sure Not to Pay Too Much for Your Home!
Whether you are buying your first home, or your fifth, the process of
buying a home is a detailed, time-consuming venture...Read More
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Six Simple Steps to Ensure a Smooth Home Purchase
Buying a home can be an emotional, time-
consuming and complex process...Read More
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Things To Keep In Mind When Buying Your First Home
Many renters are starting to think about purchasing a home of their own.
Several factors should be considered when purchasing a home...Read More
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Homebuyer Poll
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Have you ever made an error in buying a home? Choose the one that best describes your situation...
(A) Bought a Home with a Bad Lot
(B) Bought a Home with a Bad Floor Plan
(C) Bought a Home in a Bad Location
(D) Bought a Home that Needed Too Much Work
(E) Didn't Use an Agent and Should Have
(F) Didn't Do a Home Inspection and Should Have
(G) Paid Too Much
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