Congratulations! You are on your way to purchasing your first home. It can seem like a daunting task, but if you follow good advice you can protect yourself from these 10 common pitfalls.
- Choosing a non-relational Real Estate Agent
Choose a professional who is clear about their dedication to serving your needs before, during, and after the sale.
2. Not getting pre-qualified before making an offer
Make time to talk with bank or mortgage professionals to learn your lending options. Their questions about income, debt and other factors help determine how much you can borrow for your dream home. Of course, I have a fantastic referral to help guide you through the loan process. Call or text me today!
3. Not knowing all the costs
Get an estimate of the closing costs from your agent or lender early in the process. Don’t forget to ask about homeowner’s association fees and insurance. Examine your Settlement Statement carefully before closing. Discuss any questions with your lending professional and agent.
4. Limiting your home search
The homes you find online or in magazines may already be sold. Rely on your real estate professional to provide you the most up-to-date information on what’s out there.
5. Thinking there is only one perfect home
Remember, buying a home is a process of elimination, not selection. New homes hit the market daily, so consult your real estate agent for a comparative market analysis that shows properties for sale that are similar to your dream home.
6. Not considering long-term needs
Think ahead to consider what you will need in three-to-five years, or five-to-ten years. This may alter your search, depending on how long you plan to be in the home.
7. Not researching the community
Make a list of your priorities when it comes to schools, power lines, neighbors, environment, commute to work and school, etc. Get answers on these subjects before making an offer, so you have confidence in your purchase.
8. Skipping a home inspection
Trying to save money today could end up costing you tomorrow if you forego a home inspection. Get a qualified inspector to detect issues you may have overlooked, and so you can know what to expect. Of course I have a great list of home inspectors for you to interview and decide which one is best to inspect your home. I’m often asked how much a home inspection will cost. A basic inspection runs around $650. However, 99.9% of Buyers spend additional money for extra tests and their inspection costs around $1,000 – $1,200. Remember! If you are purchasing a home in Salt Lake County to run a meth test. Meth must be remediated by the Seller in Salt Lake County!
9. Overlooking insurance issues
Purchase adequate insurance that fits your future home. Consult with an insurance agent for all your more in-depth questions. And yes, I also have a great connection to a local insurance agent. Plus, you can have them run the property to see if any insurance claims have ever been made on the property.
10. Not purchasing a home protection plan
This is a mini insurance policy that usually lasts one year from the date of sale. It’s relatively affordable, and it can cover basic repairs you encounter. What’s better is in most cases the Seller will purchase this for you! Reach out by text or call to ask me more about this!
I hope these 10 Mistakes Home Buyers Make When Purchasing a Home has been helpful while you prepare to start your home search. I’m always happy to provide guidance and information. Just reach out by text or call 801-231-4794.
