“Keep Cool with Buyers Navigation Process”
Nov 16, 2018 12:17PM
By Neighbors Magazines
The real estate market is continually changing. The process of buying a home has evolved in the past decade, just as it evolved in the decade before that. Buyers can protect themselves by avoiding these pitfalls.
Not calling a Real Estate Agent as soon as they start to think of buying.
Homes today are listed on the internet and most buyers start their house hunt online. Information on the internet can be misleading and unreliable. The best course of action is to contact a Realtor since they have up-to-date information unavailable to the general public, can tap into their knowledge of the local market and assist in the ever-evolving process of purchasing the right home each important step of the way.
Not getting pre-qualified before making an offer on a home.
Working with a Lender from the beginning is essential as it may ensure a buyer is able to put in an offer on the right home at the right time. A Lender helps explain financing options, can issue a preapproval for a mortgage and help estimate the right price range for a buyer’s overall budget.
Not managing expectations.
In real estate, as in life, many frustrations stem from unmanaged expectations. As the home search begins, it is important to consider your lifestyle, how long you plan to live in the home, and possible life changes. Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to unforeseen possibilities.
Not shopping smart.
When considering a condo/townhome read declarations and bylaws when available, or check with the Homeowners Association to see if there are any restrictions on the property. If considering a fixer-upper, judge the structural deficiencies more harshly than the cosmetic flaws. Watch the costs for replacing major components or changing a layout.
Not thinking of long-term investment.
Whether this is a new home for five years or 50, it helps to consider a home’s resale potential. Think about the area and neighborhood, is it up and coming or well established? Are there plans for development or are there restrictions in place? While no one can predict the future, it is important to think about how the home might fare should you decide to sell it one day.
Not getting a home inspection.
Due diligence can be accomplished by hiring a licensed home inspector to look for structural damages, potential repairs, and areas of concern. Although many problems can be fixed, a home inspections will provide a clearer picture of any potential issues that if left undetected can lead to expensive repairs in the future. When reviewing the inspection report, make sure any questions regarding a home’s condition are answered.
The weather is changing and following the above steps can ensure Buyers won’t get caught in the cold and can enjoy happy holidays in a new home for years to come.
Debbie Gurley is a real estate broker with Miscella Real Estate (Geneva) and a certified interior redesign specialist.