HOW TO AVOID COMMON BUYER MISTAKES
When buying any property, you want to avoid making these common buyer mistakes. Like driving a racecar, buying a home can be a very fast but complex process. And like racing, if you make a mistake, you can easily miss your chance to grab the position you want. Buying a new home is an emotional process. However, you if you don’t use your logic and the right information, it becomes much harder to get the home of your dreams. Let’s look at some tips about mistakes to avoid when you buy.
AVOID UNFAVORABLE FINANCIAL MISTAKES
Manage your credit score and make sure it is as high as you can make it. It’s important to know your credit score when you are looking to finance a new home. And keeping it as high as possible by avoiding bad financial practices is critical. Remember, borrowers with the best credit scores get the lowest mortgage rates.
Don’t look at new homes without being pre-approved for a loan first. Because the real estate market is so competitive, it is unlikely that your offer is accepted if you aren’t already pre-approved. It is also very likely that you will lose the opportunity to bid if you need to take the time to get a loan approval.
While we are on the topic of mortgage loans, do your homework! Shop around for the best mortgage rate available. Rates and fees are not the same from all lenders. Regardless of your credit score, different lending institutions will often offer different mortgage rates. Find the best one for you. You real estate agent can help you do this.
It is unwise to spend your entire savings to purchase a home. Hidden and unexpected homeowner costs can leave you vulnerable in emergencies.
KNOW THE NEIGHBORHOOD
Research the neighborhoods you want to look in. Find out about schools, crime statistics, access to amenities and emergency services. These will affect both how happy you will be while in your new home, and how much value you’ll receive when it’s time to sell. Also find out what recent “comparables” in the neighborhood sold for. This will give you a realistic idea of what range of prices you can expect.
PROTECT YOUR RIGHTS
Never waive the right to inspection. Waiving the right for inspection may make your offer look better, but you give up protection from unexpected problems and expenses. Be wary especially is the seller is eager to accept your offer only if you waive inspections.
Not working with a real estate professional is a big mistake some buyers make. Purchasing real estate is an extremely complex process. If you don’t believe us, you only have to go through all the documents and requirements someone else has on purchasing their property. You can see that without inside knowledge to the terms, language and processed involved you can easily get lost and confused. A real estate expert has the knowledge to guide you successfully through the process.
Remember. With a reputable real estate professional on you side, you can easily avoid these common buyer mistakes and others. For more information on how this is done, you can contact us at (510)-244-0081. Or Click Here to send us a message. Sound Investments, Inc. is here to help you!