How to Buy Your First Home... the Easy Way! Avoid the 10 Most Common, Painful,
Frustrating Mistakes First-Time Home Buyers Make.
Buying a residence can be
a hair raising experience. You will experience a roller coaster of emotions
while finding the right place, securing the loan and finally moving in. For
most of us, the first time home purchase is the largest investment we’ve
ever considered. The emotions of purchasing something so expensive and personal
can often cloud our business judgment.
Most home purchasers do little or no research before they invest their nest
egg. Doesn’t it make sense to become as completely informed as possible
before you buy your first home? This special report is designed to help you
avoid 10 common and crucial mistakes. The right real estate professional can
help you make good sound business decisions based on your personal situation.
1. Inspect, Inspect and Inspect- Go over the inspection
report with a fine tooth comb. Make sure the report was done by a professional
organization. For condo purchases go over the CC&R’s, By-Laws, and
Association Fees. Don’t take anything for granted... inspect everything!
2. Imagine the Property Vacant- Your furnishings and
decorations will be the ones filling this new residence. Don’t be swayed
by beautiful furniture; it leaves with the owner.
3. Income + Lifestyle = Mortgage Payment- Sit down with
your professional real estate agent and honestly discuss your income level and
living expenses. Take into account future considerations, children, add-ons,
amenities, and fix-ups. Your dream home is certainly worth a sacrifice but don’t
mortgage your entire future.
4. View Several Homes- See at least 7-10 properties. Don’t
move too slow but don’t move on the first property you see. With your
agent’s help you should be able to view enough properties to get a good
overall perspective of the home market. When you find the right property all
the leg work will be worth it.
5. Utilize Your Team- By aligning yourself with the right real
estate professional you will have an entire team at your disposal. Utilize your
lender, title rep and agent. Each of them should work hand in hand for your
benefit. Explore all the options before you sign.
6. Be Columbo-
Check out all costs and expenses before you sign. Utilities, taxes, insurance,
maintenance and home owner dues if applicable. Make sure all utilities (gas,
electricity, and water) are on during tyour walk-throughso you can inspect everything
in working order. Ask lots of questions and be very detail conscious.
7. Do a Final Walk-Through- Visit the property after all furnishings
have been moved out to be sure there are no surprises. Be absolutely positive
the property was left exactly as you had agreed upon in the contract. Things
that could have been spotted in a final walk-through are often unintentionally
overlooked.
8. Plan For Flexibility- Closing dates are not written
in stone. Allow for contingencies and have a back-up plan. If you or the sellers
need a little more 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.
9. If It’s Not In Writing, It Doesn’t Exist-
All promises and discussions should be in writing. Don’t make any assumptions
or believe any assurances. Even the best intentions can be misinterpreted. Have
your professional keep an ongoing log in writing of all discussions and get
the seller’s written approval on all agreements.
10. Loyalty Breeds Loyalty- Be open, honest and up front with your
team. Hard feelings and disloyalty will cause head aches, delays or may even
keep you from getting into the home you worked so hard to locate. Take the time
to select the right team in the beginning and your first home purchase will
be a pleasing and memorable experience.
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