Shopping for your new home is an emotional experience. But it’s important to remember that it’s also a business transaction – one of the most important you’ll ever make. So, it’s vital that you treat your home purchase as a business deal; don’t make decisions based on emotion.
Three of the most common home buyer errors are:
- Paying too much
- Losing a dream home to another buyer
- Buying the wrong home
If you’re working with an experienced Realtor®, you should have a systematic plan in place before you start the home buying process, and you’ll be able to avoid making any of these costly errors. Here are some tips to help make buying a home as enjoyable and worry-free as possible.
Get Impartial Information You Need
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Your own research is important, as is the assistance of a Realtor®. A professional real estate agent can offer an unbiased opinion on the value of a home, based on many factors and a great deal of information. What’s more, your Realtor® will not have the emotional involvement in the property that you may develop, and can therefore offer advice based on the market, not emotion! Without detailed knowledge of market conditions, your offer could be too high, or you could miss out on a great buying opportunity. Hire the right person, and trust that person to represent your best interests.
Buy YOUR Home
What do you need and want in a home? Sounds simple, but clearly identifying your needs and bringing an objective view to home shopping leaves you in a much better position. How much space do you really need? Too small and you may feel like you live in constant clutter. Too big and maintenance may become daunting. Outline all your priorities, and work on finding not just a great home, but a great home for you.
Check the Title Report
Before you sign any document, be sure the property you are considering is free of all encumbrances. As a part of his or her services, a Realtor® can recommend a trusted title company. The title company will supply a title report and your Realtor® will review it with you, to ensure there are no liens, debts, undisclosed owners, leases, or easements against the title.
Update the Survey
Before the purchase is completed, an updated survey is an option, although not a necessity unless you are buying a piece of land. This report will indicate any boundary and/or structural changes (additions to the house, new swimming pool, neighbor’s new fence that extends a boundary line, etc.), and will guarantee that you are indeed getting what you pay for.
Minimize the Unexpected
Have a professional home inspector conduct a thorough home inspection; the cost for an inspection will depend on the size of the property, up to around $800 for larger homes with a pool. But their expertise can mean the difference between uncovering major flaws before or after you purchase the home. Make the final contract subject to the report’s findings.
It only takes a few days to get financing pre-approval. A pre-approval doesn’t just give you more buying power, it’s required. When you are shopping for a home, a seller is more likely to consider an offer from a serious, pre-approved buyer.
Remember Additional Costs
Don’t forget the purchase price is not your only expenditure. Besides the funds to purchase a home, you need funds for loan fees, insurance, legal fees, surveys, inspections, etc.
Take a Deep Breath
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing, or even the sale if you attempt to push things through too hastily. Don’t be pressured by any third parties; work with a strong Realtor® who will be on your side throughout the process.
Contact the Donnelly Group Today
If you would like to discuss how the Donnelly Group could be your Realtor® working on your behalf, please call 480-792-9700 or email us to learn how our local area expertise and decades of experience helping clients buy homes in metro Phoenix can benefit you.