Are you thinking of buying a home? Before you start the process we’d like to share with you the five most common mistakes you can avoid when buying a home.
FIVE MISTAKES TO AVOID WHEN BUYING A HOME:
#1: Failing to have a plan
Deciding to buy a home is probably the biggest financial decision you’ll ever make. Its an exciting de- cision, but its serious business too and you deserve serious council.
#2: Thinking that I can’t afford a home
Many people feel that they can’t afford a home, but affording a home has never been easier. Mortgage rates are more flexible today than ever. Home ownership is a durable (real) investment. Although no one can say if a specific home will appreciate in value, generally speaking, the odds favour the home owner. If you are renting you are paying your landlords mortgage off. As an investment goes, you can- not live in a mutual fund. Ask us about how leverage makes home ownership a fantastic investment.
#3: Failing to properly screen your Realtor
The quality of your home buying experience is dependent upon your skill at selecting the best quali- fied person. It’s interesting that in the real estate business, someone with many successfully closed transactions usually costs the same as someone who is inexperienced. An experienced buyer’s agent could mean a lower price at the negotiating table, buying in less time, and with the least amount of hassles. Your agent should be a skilled win-win negotiator!
#4: Failing to get pre-qualified for a mortgage loan
Don’t waste hours searching for a home that is not in your price range! Save time and money by pre- qualifying for a loan. This process is simple. A lender will ask you basic questions concerning your his- tory, run a credit report, and determine your buying power. Also, you can lock in a low rate so rising interest rates will not reduce the price of homes you can purchase.
#5: Failing to obtain a home inspection from a qualified inspector
The job of a professional home inspector is to look over every major part of a home and write a report that judges the homes quality and condition. A home inspection reports the structural and mechanical condition of the home. After the inspection, you will have the facts you need to make a decision about buying your home. If your home is rural we will explain the importance of a septic inspection and the process and scope.
Helping you avoid these five mistakes when buying a new home is our pleasure. If you have more questions regarding buying or selling your home, you can fill out our online form and we’ll respond immediately.