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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
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 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.
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- 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; 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
be 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. 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 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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