Shopping for a new home is an exciting experience that’s time consuming and includes many details. An unprepared buyer could overlook key items, turning their home purchase into a difficult or expensive process. A quality Realtor partner can help avoid these common errors:
Losing a dream home to another buyer
Buying the wrong home
Paying too much
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 to have an accurate review of the current market. A professional Realtor can offer an unbiased opinion on the value of a home, based on market conditions and 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.
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. 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.
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Outdated survey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.).
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 favorable report.
Shop with a pre-approval
It only takes a few days to get financing pre-approval. When you’re shopping for a home, this gives you more power. A seller is more likely to consider an offer from an approved buyer.
Missing Out
In a strong market with low inventory, days on the market are lower and multiple buyers are considering the same home. If a home is priced right and of good quality, it will sell quickly. Be prepared to act when an opportunity presents that matches your criteria to avoid the pain of missing out.