Buying a home can be a daunting task. It is likely the most expensive purchase that you will ever make. Just one mistake could mean disaster — resulting in a stressful experience and one that may not end with you in the home of your dreams. In order to avoid such an experience, buyers should get to know the most common home buying mistakes.The top home buying mistakes to avoid:
Going solo: Buying a home is a complex process, one that a real estate agent specializes in navigating. A real estate agent will advocate for you and your interests throughout the whole process, which makes it important for you to find the agent that will best fit your needs. The Lowry Team takes a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator and a Marketing Director. This ensures that you get more focused attention and your home buying or selling process goes as smoothly as possible.
Love at first sight: Be sure that your home fits your real needs. Buying a home is an emotional process and it may be that the first home for sale that you see is the perfect fit. Just be sure that you are looking past the “perfect” paint colors and the granite counters, to be sure that the home fits your budget and your lifestyle. Be sure the home is in a community and neighborhood you feel comfortable in. Drive around in neighborhoods several times before you buy to check out schools, noise and traffic patterns.
Shopping without being pre-approved: Get pre-approved for a mortgage before you begin looking at homes for sale. This will give you an idea of not only how much you can afford to borrow, but also how much you are comfortable borrowing. It’s also critical to be pre-approved for a mortgage before making an offer, sellers will take you more seriously. The Lowry Team has a preferred lender that will help you get the process started.
Buying too much home: Buy more than you can afford, and your dream home will become a nightmare. Analyze all your monthly costs including debts, food, transportation, entertainment, and savings. Your total monthly debts, including your mortgage, should not exceed 36 percent of your income before taxes. Don’t forget to budget closing costs, plus moving, redecorating and maintenance. Look ahead and allow for increases in ongoing expenses such as utilities and taxes.
Misplaced trust: You are engaged in what’s likely your most valuable purchase ever. It’s a business transaction. Ask family, friends & co-workers for referrals, but don’t take their word for it. Be sure that the professionals you are working with have experience and your best interests in mind.
Accepting oral agreements: Get it in writing. The rate lock, the home inspection, disclosures, the contract. Always. Should a dispute arise, you’ve got the details documented.
Skipping the fine print: Understand what’s really in any document before signing it. Get documents in advance, take time to read them and ask questions. Get copies of your mortgage and closing papers a few days ahead of closing.
Forgetting or betting on resale: Avoid buying a home that costs 50 percent more than neighboring homes. Reconsider buying the most expensive home on the block. The neighbors’ lower home values will weaken yours.
Making an unconditional offer: Protect yourself with these contingencies:
1. Mortgage financing: You may be pre-approved but is the house? A formal appraisal confirms — or not — that there is sufficient value in the home to warrant the loan. If the house appraises lower than the sales price, the loan may be declined.
2. Inspection: Never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.
3. Insurance: Confirm you can get adequate insurance coverage. In some areas, or following certain disasters, it can be difficult to get certain types of hazard insurance.
Contact The Lowry Team of Keller Williams Realty Associate Partners today to get in touch with a real estate specialist.
The Lowry Team – Keller Williams Realty is an award winning, full service real estate firm specializing in West Chester, Liberty Township, Mason, Monroe and the Northern Suburbs of Cincinnati. The Lowry Team’s culture is that of a fun, high energy group who prides themselves on providing personal, professional real estate service.
The Lowry Team is “Different By Design”… taking a team approach to home buying and selling. The Lowry Team consists of members that are focused on areas of specialization including Listing Specialists, Buyer Specialists, Transaction/Listing Coordinator, Inside Sales Associate and a Marketing Director.
Don’t Hire an Agent…Hire a Team. The Lowry Team.
Buyers and Sellers can reach The Lowry Team Keller Williams at 513-874-1830.
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