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What Are The Most Common Home Buying Pitfalls
You can learn from your own experience, or, you can learn from the experiences of others. Avoiding as many pitfalls as possible, when buying a home, makes the process less stressful and happy owners after the sale. Hopefully, these experiences will help you get the best experience when buying your home.
1) You Love the Home, but Can't afford it
This is the heartbreaker for most buyers. Getting Pre-approved for a mortgage before starting to look at homes eliminates this heartbreak. Finding a reliable mortgage lender, who reviews all of your documents up front to purchase, saves you stress and aggravation. Every buyer wants all the latest and best, but everyone also has a budget. The trick is to Buy the Best Available in Your Personal Budget.
2) You Find out it's Too Small, after you Move in
With home staging and new construction designers, sellers want the home to show as large as possible. It is also designed to have you fall in love with it. This might include furniture and other furnishings that are smaller than yours. It's best to check the room sizes and how your current or new furniture will fit within the room. Measure, Don't Just Guess, to Not end up having Less Space than you Counted On.
3) DIY Projects, can become Big Headaches
TV shows make it look easy to tackle remodeling projects. But, take notice to how many unexpected problems come up after they start the project. They can handle the unforeseen problems that come up, but can you. Small updating projects can be manageable, if you are handy. When it comes to major remodeling, it's best to leave it up to the experts if you don't have the experience to handle it. Have a plan, and Contractors you can Count on, if you want to avoid Big Headaches.
4) Get a Home Inspection, Better to Find out Now Rather than Later
Buying a home is, most times, the biggest investment people usually make. Having a Professional Home Inspector can help you avoid major unexpected costs later. A Professional Home Inspector is Qualified to provide you and In Depth and Unbiased detail of your potential home. It is Best to accompany your inspector while he is performing the inspection, so that you can ask any questions about issues that are of concern. Why chance having to replace the Roof, Heater, Air Conditioning, or other major items when you just spent all of your Money Buying the House?
5) The Appraiser says it's Worth Less, What Happens Now
An appraisal is an opinion of value provided for your mortgage lender. If your Mortgage Professional contacts you that the property appraisal is lower than the offered price, you do have options. First, you want to contact your Real Estate Professional and ask them to contact the mortgage lender to review the appraisal. The Realtor may be able provide additional sold properties to be reviewed by the appraiser. If that does not correct the problem, and your financing is not FHA, you can pay the difference between the appraised value and the purchase price. Or, you can contact your Realtor to ask the seller to drop the price to the appraised value. If all else fails, you can ask to Cancel the Sale.
Hope this Helps,
Kathy McKinney, Realtor
Platinum First Realty, 708 Main St, Harleysville, PA 19438
Office 267-647-9800 ext 412
My experience level is at your disposal ! My background in mortgages and rock solid understanding of how to finance a home ... will benefit all of mymy customers! I exceed all my customers expectatio....