AVOID THESE BUYER MISTAKES
Although every buyer is unique, there are certain things that buyers tend to do to make the home-buying process more difficult and less enjoyable than it could and should be. Being aware of these issues and taking steps to avoid them will go a long ways towards a successful, stress-free home buying experience.
Not knowing what you want.
Often, buyers who have not carefully analyzed their needs in a home get caught up in an emotional situation where they fall in love with a house that just isn’t right for them. Most of these mistakes can be avoided by taking the time to decide what is really important and not getting sidetracked along the way.
Understanding the value of the house you are interested in compared to similar houses will ensure that you don’t pay too much for your new home.
Why wouldn’t you get pre-approved? It is easy, fast and free.
Upon pre-approval, you can shop with confidence as you know the budget range within which you can operate. In the seller’s eyes, you are a preferred buyer, because your financing is in place. The seller is much more likely to extend more generous terms to you than to an unqualified buyer.
Title not Cleared at Completion
Over the last while, more and more sellers have difficulty clearing the title at closing. This can happen for a number of reasons, but the result is the same: the seller can not convey clear title to the buyer and the sale collapses, often at considerable emotional turmoil and needless financial aggravation.
Ensure early on that there will be no title surprises.
Even though the seller has provided a Property Disclosure Statement, there is still good reason to have the property pass an inspection as a condition of purchase. Often, inspectors will find issues that have potentially serious consequences that must be considered before completing the purchase.
Sometimes these issues can be resolved through negotiation with the seller. Sometimes, it is in your best interests to walk away and find another property
Hidden or Unexpected Charges
There are many charges that must be paid in addition to the price of the house, including Land Transfer Tax, Tax Adjustments, Insurance, Title Insurance or Survey, Mortgage Insurance, Utility Transfers and so on. Make sure that you are aware of the costs and that you plan accordingly.
Boundary Issues
Ensure that you are positive about the property boundaries. If possible, have the seller provide you with a survey certificate or building location sketch. This can become an important and expensive issue later if you want to build a fence, garage or swimming pool and knowing the property boundaries is important.
Rushing the Closing
There are many steps in the home-buying process, many of which can’t be started until the previous one is completed. It all takes time and can’t be rushed. Recently, the time required to finalize the financing requirements has lengthened considerably, so it is important to allow plenty of time to get everything done properly.
