Avoid The Most Common Buyer Errors
Shopping for a Doctor Phillips home can be an emotional and time-consuming experience that comes with a myriad of details. Some buyers get caught up in the excitement of buying a home which can lead to items overlooked. These items generally fall into three areas:
- Paying too much
- Losing a dream home to another buyer
- Buying the wrong home
Putting in place a systematic plan before you start the home buying process will help you avoid these costly errors. Here are some tips on making the most of your home purchase:
Bidding without sufficient information
What price do you offer a seller? It’s all to common buyers start negotiations based on the list price. The list price can be value but most times it’s over or under. Is the seller’s asking price too high? Is it a deal? Here at TeamConnect Realty we provide all our clients with an unbiased opinion on the value of a home, based on market conditions, 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 mismatched 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.
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of our services, your realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements and obtain a title policy from the seller before closing.
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.).
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.
Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer that is ready, willing and able to purchase.
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