Buying a residence can be a hair raising 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 weíve 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. Doesnít it make sense to become as completely informed as possible before you buy your first home? These "Buying Tips" are designed to help you avoid common and crucial mistakes.
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. Donít take anything for granted... inspect everything!
Your furnishings and decorations will be the ones filling this new residence. Donít be swayed by beautiful furniture; it leaves with the owner.
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 donít mortgage your entire future.
See at least 7-10 properties. Donít move too slow but donít move on the first property you see. With your agentís 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.
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.
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.
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.
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, donít let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
All promises and discussions should be in writing. Donít 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 sellerís written approval on all agreements.
Before house hunting, make a list of things you want in the new place. Then make a list of the things you don't want. You can use this list as a guide to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you're comparing dozens of homes.
When house hunting, keep in mind the difference between ''STYLE AND SUBSTANCE''. The SUBSTANCE are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The STYLE represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good SUBSTANCE, because the STYLE can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant.
Ads are sometimes created to make the phone ring! Many of the homes have some drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is.
Be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Asian Homesģ Realty Services will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. So whether you decide to work with Asian Homesģ Realty Services or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer's broker.
I hope that this has helped you in what to look out for when buying a property.
Elenita Frondoso Mallinson
Licensed Real Estate Broker REBL No. 18393 - N