- Paying too much
- Losing a dream home to another buyer
- Buying the wrong home
When you have a systematic plan before you shop, you'll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase.
GET THE INFORMATION YOU NEED:
What price do you offer a seller? Is the seller's asking price too high? Is it a deal? Your own research is important, as is the assistance of a real estate agent. A professional agent can offer an unbiased opinion on the value of a home, based on many factors and a great deal of information.
BUY YOUR HOME:
What do you want in a home? Sounds simple, but clearly identifying your needs and bringing an objective view to home shopping leaves you in a much better position. How much space do you really need? Outline all your priorities, and work on finding not just a great home, but a great home for you.
MINIMIZE THE UNEXPECTED:
For $300-$500, a professional inspector will conduct a complete inspection of the home. Their expertise can mean the difference between uncovering major flaws before or after you own the home. Make the final contract subject to the report's findings.
GET PRE-APPROVED
It only takes a few days to get financing pre-approval. When you are shopping for a home, this step lets you know how much you can afford keeping you get your heart set on a house on to find that you cannot get financing.
REMEMBER ADDITIONAL COSTS:
When putting in an offer on a home it is custom for earnest money to go with the offer; normally 1% of the purchase price. This money is then applied towards the purchase of the home at closing. In addition you will have closing costs which a good real estate agent can negociate some or all of these to be paid by the seller. You will also need to speak with your mortage broker regarding how much if any of a down payment you will need.
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