Shopping for a new home is an exciting and emotional experience. Often times, buyers get overwhelmed with excitement and tend to overlook some important details in the home buying process. This could result in making your purchase more expensive than it should be.
If you have an organized plan before you shop, you will be able to avoid these common mistakes. Below are a few tips that could help you make the most out of your home purchase:
1. Bid with care
Is the seller’s asking price high? Is it a steal? How much do you offer? These are common questions that often get overlooked from the excitement of buying a home. With the help of a real estate professional, you will be able to do research on the market and comparable homes which could save you thousands of dollars. Without important information on the market, your offer could be too high, or you could even miss out on a great buying opportunity.
2. Are you buying the right home?
Do you know exactly what you want in a home? It is important that you have a list of clear, detailed specifications on the home you want to purchase. Buyers often overlook items such as distance to schools, the neighborhood, hospitals, shopping malls, or even the distance to work. If you plan ahead with clear objectives and goals, you will be in a great position to buy the perfect home.
3. Clear title
Before you sign any document, you should be certain that the property is free from any encumbrances. Your agent should be able to provide you with the copy of the title to ensure there are no liens or debts on the property. Essential background information can save you from enormous consequences in the future.
For a few hundred dollars, a professional home inspector can conduct a thorough examination on the home. Doing this will give you an idea on the cost of future repairs. Spending the money for a home inspection can save you from repairing costly items in the home in the future.
5. Get pre-approval
When shopping for a home, it is a good idea to get pre-approval for your financing. This will put you in a favorable position, as a seller is more likely to consider an offer from a serious buyer. Failing to get pre-approval can cause you lose your dream home to another buyer!