How To Avoid Common Home Buying Errors In Drumheller
Buying a new home is an emotional experience. However, it’s also a business transaction and needs to be treated as such. Avoiding treating dealing with the cold hard facts and being prepared can lead to problems that cost you money and peace of mind. Three potentially devastating things that can go wrong are:
- Paying too much money
- Losing a dream home to another buyer
- Buying the wrong home
If you have a systematic plan in place before you start shopping for your new home you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:
Hire the right agent and get the information you need
Here’s where the right agent makes all the difference in the world to your home buying plans. 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 Realtor®. A professional Realtor® can offer an unbiased opinion on the value of a home, based on many factors and a great deal of information. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity. Hire the right person and trust that person to represent your interests.
Buy the RIGHT home for you
What do you need and 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? Too small and you may feel like you live in constant clutter. Too big and maintenance may become too daunting. Outline all of your priorities, and work on finding not just a great home, but a great home for you.
Check the title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As a part of his or her services, a Realtor® can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements against the title.
Update the survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.), and will guarantee that you are indeed getting what you pay for.
Have a professional home inspection done for you
For $300 – $500, a professional inspector will conduct a thorough inspection of the home. Their expertise can mean the difference between uncovering major flaws before or after you own a home. Make the final contract subject to the report’s findings.
Get pre-approved before you start your search
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.
Be prepared for some additional costs
Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.
Take a deep breath and don’t rush
Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing, or even the sale if you attempt to push things through too hastily.
The professionals at Home Town Realty are here to guide you through all these challenges. We have the knowledge, experience and expertise to ensure a smooth transaction that leads to your purchase. Call us now to get the answers to your questions 403-823-3311.