Avoid common home buyer mistakes…
Think about resale now… I know it’s difficult to think about right now, but you will sell your home someday. Given this is your first home, statistics show you’ll sell it in about 4-5 years which isn’t long. Make sure you don’t fall in love with what you think to be the perfect house, only to turn around a few years from now and be upside down on the value. Consider the potential resale value of your home in 5 years and make sure you’ll either break even, or better yet profit from the sale. This will enable you to purchase an even nicer home next time. Again, a good real estate agent can help you determine the potential resale value.
Become familiar with the neighborhoods… Once you’ve narrowed your focus to two or three neighborhoods, go there and walk around. Are homes tidy and well maintained? Are streets quiet? How does it feel? Pick a warm day if you can and chat with people working or playing outside. Visit at various times of the day and during weekends to get a better feel for the neighborhood, traffic, and other items of importance to you.
Get the facts on the home selected… Ask your agent to prepare a price analysis for the home and neighborhood selected including any information in the public record.
Don’t Skip the home inspection… Regardless of whether the house you intend to purchase is new or used, have it inspected by an independent and licensed inspector. Again, your real estate agent can recommend several from which you can choose. While it’s yet another expense, it’s worth its weight in gold to be able to assure yourself that your dream home is not a lemon. While no home is perfect, you want to be aware of any significant items (especially health & safety issues) that you want addressed before moving in. While the seller is not required to address items disclosed, the cost of addressing these issues may be negotiated with the seller.
Obviously, you have a lot of questions about these important topics and many others as well… Don’t be afraid to ask them … Rely on your agent to help you through the process and guide you home.
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