5 Costly Mistakes Home Buyers Make
1. Not knowing what they can afford before making an offer.
The best way to avoid this is to get pre-approved for a mortgage so you know exactly how much you can afford. Usually pre-approvals are free.
2. Not knowing who the agent represents
Unless an agent is working as your buyer representative, they represent the seller. Many people don't realize this.
3. Choosing the Wrong Mortgage
A bad mortgage can cost you thousands in taxes and interest. Consult an accountant before you choose your mortgage.
4. Not finding problems with the home before buying it.
You should always have a professional inspector look at the home before buying it, otherwise you could be looking at huge repair costs later on.
5. Not understanding how their credit can impact their ability to purchase or refinance a home.
Get a mortgage professional to help you go over and prepare your credit file before you buy a home. Check with Luke!
How to Avoid a Money Pit:
Be on the Lookout for these 6 Warning Signs That Could Mean Expensive Repairs...
Many people think that serious defects in a home are easy to spot, but the truth is, often the most serious and costly problems can only be detected upon very close inspection. When you are considering buying a home, look for the following six telltale signs of serious problems...
1. Roof
Leaks are the most common problem with roofs, and are tough to detect from outside. However, from inside an attic, you can often see water marks where there is a leak.
2. Plumbing System
Make sure you are confident that both water systems: the one that brings fresh water in and the one that takes sewage out are functioning well before signing on the dotted line.
3. Electrical Systems
Before you agree to buy you should make sure that you can run all of the appliances you want to and even power tools at the same time without having a power failure. You also want to make sure that the electrical system is safe and does not present a fire hazard.
4. Heating and Cooling Systems
Be sure to thoroughly inspect the heating and air conditioning systems in any home you are considering purchasing.
5. Bad Paint and Signs of Rotting
The paint inside and outside the house can reveal a lot about the condition of the underlying material. Check several places on several walls, using your eyes and a screwdriver for poking.
6. Cracks and other important signs
Cracks in walls, doors not closing properly and uneven floors can all be signs that there is a problem with the foundation. If the foundation is not strong, the entire house could literally collapse, so you should carefully check for these signs. A bad foundation may not mean imminent disaster, but it could be used to bargain for a lower sale price, or you could ask to have the owner repair it before the sale.
Do you have more questions or are you ready to start seeing some properties? Schedule an appointment with us here!
