Home Buying 101
Tips to help you avoid Home Buying Mistakes
Buying a Home can be a stressful experience. It is not unusual for a home buyer to experience a roller coaster of emotions while finding the right home, securing the loan, getting through all of the inspections and finally moving. For most of us, the purchase of a home represents what may be the largest investment we ever consider.
The emotion of making a purchase that is so expensive and personal often clouds our better business judgment.
Most home purchasers do little or no research prior to investing their nest egg. I encourage proper forethought and planning in addition to educating yourself before you buy. I have put together this list to help you formulate a plan and hopefully avoid pitfalls.
The right real estate professional can help you think the process through and make good business decisions based on your personal situation.
Seek Proper Representation
– This is probably the single most important choice you will make in the buying process. Most of the homes on the market are listed with realtor’s® and licensed real estate agents. The sellers of these homes are represented. A selling agent’s primary fiduciary responsibility is to their sellers, buyers who purchase a home through a seller’s agent place themselves in a secondary position with regard to representation. Fully understanding agency as defined legally is an important part of your educational responsibility prior to entering into a legal agreement to purchase real estate. There are Buyer’s Agents, Seller’s agents and Dual agents, it is important to know who will best serve your needs.
Income + Lifestyle =Mortgage Payment
-- Sit down with your Buyer’s Representative and honestly discuss your income level and living expenses. Take into account future considerations, such as children, add-ons, amenities and fix-ups.
Your dream home is certainly worth some sacrifice but don’t mortgage your future.
Join a Team
– By aligning yourself with a Professional Buyer’s Representative you are in essence joining a team. A professional home buyer’s agent should have in place an effective and trusted team ready to work for you and at your disposal. Utilize your personal Buyer’s Representative, your lender, your title rep etc. Each of them should work hand in hand for your benefit.
Having a team helps you explore all of your options and make informed decisions.
Make a List
– Take the time before you go out looking to make a list of the ten things you feel your new home must have. Next list the ten things that you are certain you do not want the home to have. Take this list with you and make notes as you view so you have actual physical comparisons. Remember there is no such thing as the perfect home.
The right home will best fit most of the wants on your list.
View several Homes
– See at least 5 –10 properties. Don’t move too slowly but don’t rush it either. Don’t act on the very first property you view until you have viewed others to compare it to. With the help of a competent Buyer’s Representative you should be able to view enough properties to have a good overall perspective of the home market.
When you find the right property, all the leg work will have been worth it.
Imagine the properties Vacant
– Your furnishings and decorations will be the ones filling the new residence.
Don’t be swayed by beautiful furniture and decorative peaces; they leave with the owner.
If it’s not in Writing, it does not Exist
– All promises, request and discussions should be in writing. Don’t make any assumptions or believe assurances. Even the best intentions can be misinterpreted.
Have your Realtor® keep an ongoing log in writing of all discussions and get the sellers written approval on all agreements.
Inspect, Inspect, Inspect
- When in doubt get an inspection. Use a reputable professional. Go over the reports with a fine tooth comb. If you don’t understand it, ASK!!!!!!
Take nothing for granted.
Be a Detective
– Check out everything, all cost and expenses such as utilities, taxes, insurance, maintenance and home owner dues if applicable. Make sure utilities are on for the final walk through so you can be sure that everything is in working order.
Ask lots of questions and be detail conscious.
Plan for Flexibility
– Closing dates are not etched in stone. Allow for contingencies and have a back up plan. If you or the sellers need a little additional time to conclude the final arrangements, don’t let these delays upset or frustrate you.
These types of circumstances are not uncommon in a real estate transaction.
Do a Final Walk-Through
– Visit the site after all the furnishing have been removed to be sure there are no surprises.
Be absolutely positive the property was left exactly as agreed upon in the contract.
Loyalty breeds Loyalty
– Be open, honest and up front with your team. An Exclusive Buyer’s representative represents only your interest and is dedicated to your success; they will work hard to help you achieve your goals; put your trust in them. Hard feelings and disloyalty may cause head aches, delays and even might keep you from getting the home you worked so hard to locate.
Take the time up front and your entire purchase process will be a pleasing and memorable experience.
I hope these tips prove useful to you in your home buying endeavors. If I can be of service please feel free to contact me directly. It would be an honor to be of service to you.
There is never a conflict of interest, I work only for buyers.
Protect yourself, Be represent
ed
Call me today
Darrel Quebedeaux
Realtor®
714 - 317 - 4366
djq@socal.rr.com
next>>