When you're out on the prowl for a new home, you obviously want to be able to find something that matches your tastes and suits your lifestyle. And of course, you also want to be able to find a home that is listed somewhere within your budget.
But the home buying process isn't necessarily as simple as perusing the web for interesting listings, making an appointment to check out a few places, then putting in an offer on a home you love. What you do (or don't do) and say can influence the process and can make or break a great deal. As such, it's important to be smart about how you approach the process.
But certain things can sabotage a good deal, including the following.
Looking For a House Before Shopping For a Mortgage
When you're ready to buy a home, you're probably pretty excited to start pounding the pavement right away and checking out properties for sale. But you're actually missing a step. Before you look at that first house, you should ideally speak with a mortgage agent to help you determine exactly how much you can afford in a home purchase.
There's no sense in looking at homes that are way out of your budget. It's just a waste of your time and will leave you sorely disappointed. So, before you start shopping for a house, be sure to check out what kind of mortgage you can secure and how much you can comfortably afford.
Expressing Your Love For a Home
You may have fallen in love with a particular home, but you don't necessarily want the seller to know that just yet. This is especially true if you are competing with other interested buyers, or if there's a multiple offer situation or bidding war going on.
If you're at an open house and let the listing agent know how much you love the house and that you'd do anything to get it, you could weaken your negotiating power and end up spending more than you need to. The listing agent will probably notify the seller not to budge too much on their listing price base don your undying love for the home.
Neglecting to Insert a Home Inspection Condition
The house you want to put an offer on might seem like it's in perfect shape. It may even be relatively new construction, leading you to believe that there couldn't be anything wrong with the place. And there may be other buyers who are vying for the same home, and as such, you may want to forgo a home inspection condition in order to make your offer more competitive.
But while that may be true, you'd be putting yourself at risk. If there's anything wrong with the home, you'll be a lot more likely to find out before you sign on the dotted line if you get a home inspection done first. Neglecting to insert this condition can leave you vulnerable to issues that you will have to deal with after the title has been transferred.
Not Inquiring About Condo Fees and Special Assessments
If the home you're looking at is a condo that's governed by a condo association, you'll definitely want to know what state the corporation is in and what types of fees you'll have to pay every month.
Without this information, you could be paying more in fees than you'd care to. Further, if the association is in bad financial shape, there's a chance you could be stuck paying additional fees other than your monthly condo fees, which in some cases can add up to tens of thousands of dollars.
It's easy to make mistakes when you're a buyer - especially a first-timer - when you're on your own. But with a seasoned real estate team by your side, you'll be protected from making any potentially costly mistakes that could make or break a successful real estate deal. Be sure to partner up with a team that knows a thing or two about successfully buying a home!
Contact me if you would like like more information on buying a home - firstname.lastname@example.org