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How to Buy Your First
Home... the Easy Way! |
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| Buying a home
can be a nerve wracking experience. You will experience a roller
coaster of emotions while finding the right place, securing the loan,
and finally moving in. For most of us, the first time home
purchase is the largest investment we've ever considered. The
emotions of purchasing something so expensive and personal can often
cloud our business judgment..
Most home buyers do little or no research before they invest in their nest egg. Doesn't it make sense to become as completely involved as possible before buying your home? This special report is designed to help you avoid 10 common and critical mistakes. The right real estate professional can help you make sound business decisions based on your personal situation. |
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1. |
Inspect, Inspect, 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 CC&R's 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 or unsightly furniture; it leaves with the owner. |
| 3. | Income + Lifestyle =Mortgage Payment - Sit down with your Realtor and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a sacrifice, but don't mortgage your entire future. |
| 4. | View Several Homes - See at least 7-10 properties. Don't move slow, but don't move on the first property you see. With your agent's help you should be able to view enough properties to get a good overall perspective of the home market. 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 will have an entire team at your disposal. Utilize your lender, title rep, and agent. Each of them should work hand in hand for your benefit. Explore all the options before you buy. |
| 6. | Be Columbo - Check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance, and home owner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through 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 24-48 hours prior to closing. Be absolutely positive the property was left as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked. |
| 8. | Plan For Flexibility - Closing dates are not written in stone. Allow for some 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. Such circumstances are not uncommon in a real estate transaction. |
| 9. | If It's Not in Writing, It Doesn't Exist - All promises and discussions should be in writing. Don't make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep and ongoing log in writing of all discussions and get the seller's written approval on all agreements. |
| 10. | Loyalty Breeds loyalty - Be open, honest, and up front with your team. Hard feelings and disloyalty will cause head aches, 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 pleasing and memorable experience. |
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