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How to Buy Your First Home....the
Easy Way!
Avoid the 10 Most Common, Painful, & Frustrating Mistakes First-Time Home
Buyers Make
Buying
a residence can be a hair-raising experience. You will experience a roller
coaster of emotions while finding the right home, 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 purchasers do little or no research before they invest their nest
egg. Doesn’t it make sense to become as completely informed as possible
before you buy your first home? This special report is designed to help you
avoid 10 common and crucial mistakes. The right real estate professional can
help you make good sound business decisions based on your personal
situation.
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 CC&R’s, By-Laws,
and Association Fees. Don’t take anything for granted... inspect everything!
Imagine the Property
Vacant - Your furnishings and
decorations will be the ones filling this new residence. Don’t be
swayed by beautiful furniture... unfortunately, it leaves with the owner.
Income + Lifestyle =
Mortgage Payment - Sit down with
your professional real estate agent 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.
View Several Homes -
See at least 7-10 properties. Don’t move too 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 have been worth it.
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 sign.
Be "Columbo" -
Check out all costs and expenses before you sign. This includes 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.
Do a Final
Walk-Through - Visit the property
after all 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. Things that could have been spotted in a final walk-through
are often unintentionally overlooked.
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.
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 an ongoing log in writing of all discussions and get
the seller’s written approval on all agreements.
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
find. 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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