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Avoid the 10 Most Common, Painful, Frustrating Mistakes First-Time Home Buyers Make
Buying a residence can be a hair raising experience. You will experience a roller coaster of
emotions while finding the right place, securing the loan and finally moving in. For most of us,
the first time home purchase is the largest investment we’ve ever considered. The emotions of
purchasing something so expensive and personal can often cloud our business judgment.
Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make
sense to become as completely informed as possible before you buy your first home? This special
report is designed to help you avoid 10 common and crucial mistakes. The right real estate
professional can help you make good sound business decisions based on your personal situation.
1. Inspect, Inspect and Inspect - Go over the inspection report with a fine tooth comb. Make
sure the report was done by a professional organization. For condo purchases go over the CC&R’
s, By-Laws, and Association Fees. Don’t take anything for granted... inspect everything!
2. Imagine the Property Vacant - Your furnishings and decorations will be the ones filling
this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.
3. Income + Lifestyle = Mortgage Payment - Sit down with your professional real estate
agent and honestly discuss your income level and living expenses. Take into account future
considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a
sacrifice but don’t mortgage your entire future.
4. View Several Homes - See at least 7-10 properties. Don’t move too slow but don’t move
on the first property you see. With your agent’s help you should be able to view enough
properties to get a good overall perspective of the home market. When you find the right
property all the leg work will be worth it.
5. Utilize Your Team - By aligning yourself with the right real estate professional you will
have an entire team at your disposal. Utilize your lender, title rep and agent. Each of them
should work hand in hand for your benefit. Explore all the options before you sign.
6. Be Columbo - Check out all costs and expenses before you sign. Utilities, taxes,
insurance, maintenance and home owner dues if applicable. Make sure all utilities (gas,
electricity, and water) are on during tyour walk-throughso you can inspect everything in
working order. Ask lots of questions and be very detail conscious.
7. Do a Final Walk-Through - Visit the property after all furnishings have been moved out
to be sure there are no surprises. Be absolutely positive the property was left exactly as you had
agreed upon in the contract. Things that could have been spotted in a final walk-through are
often unintentionally overlooked.
8. Plan For Flexibility - Closing dates are not written in stone. Allow for contingencies and
have a back-up plan. If you or the sellers need a little more time to conclude the final
arrangements, don’t let these delays upset or frustrate you. These types of circumstances are
not uncommon in a real estate transaction.
9. If It’s Not In Writing, It Doesn’t Exist - All promises and discussions should be in
writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be
misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get
the seller’s written approval on all agreements.
10. Loyalty Breeds Loyalty - Be open, honest and up front with your team. Hard feelings
and disloyalty will cause head aches, delays or may even keep you from getting into the home
you worked so hard to locate. Take the time to select the right team in the beginning and your
first home purchase will be a pleasing and memorable experience.
Buying a residence can be a hair raising experience. You will experience a roller coaster of
emotions while finding the right place, securing the loan and finally moving in. For most of us,
the first time home purchase is the largest investment we’ve ever considered. The emotions of
purchasing something so expensive and personal can often cloud our business judgment.
Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make
sense to become as completely informed as possible before you buy your first home? This special
report is designed to help you avoid 10 common and crucial mistakes. The right real estate
professional can help you make good sound business decisions based on your personal situation.
1. Inspect, Inspect and Inspect - Go over the inspection report with a fine tooth comb. Make
sure the report was done by a professional organization. For condo purchases go over the CC&R’
s, By-Laws, and Association Fees. Don’t take anything for granted... inspect everything!
2. Imagine the Property Vacant - Your furnishings and decorations will be the ones filling
this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.
3. Income + Lifestyle = Mortgage Payment - Sit down with your professional real estate
agent and honestly discuss your income level and living expenses. Take into account future
considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a
sacrifice but don’t mortgage your entire future.
4. View Several Homes - See at least 7-10 properties. Don’t move too slow but don’t move
on the first property you see. With your agent’s help you should be able to view enough
properties to get a good overall perspective of the home market. When you find the right
property all the leg work will be worth it.
5. Utilize Your Team - By aligning yourself with the right real estate professional you will
have an entire team at your disposal. Utilize your lender, title rep and agent. Each of them
should work hand in hand for your benefit. Explore all the options before you sign.
6. Be Columbo - Check out all costs and expenses before you sign. Utilities, taxes,
insurance, maintenance and home owner dues if applicable. Make sure all utilities (gas,
electricity, and water) are on during tyour walk-throughso you can inspect everything in
working order. Ask lots of questions and be very detail conscious.
7. Do a Final Walk-Through - Visit the property after all furnishings have been moved out
to be sure there are no surprises. Be absolutely positive the property was left exactly as you had
agreed upon in the contract. Things that could have been spotted in a final walk-through are
often unintentionally overlooked.
8. Plan For Flexibility - Closing dates are not written in stone. Allow for contingencies and
have a back-up plan. If you or the sellers need a little more time to conclude the final
arrangements, don’t let these delays upset or frustrate you. These types of circumstances are
not uncommon in a real estate transaction.
9. If It’s Not In Writing, It Doesn’t Exist - All promises and discussions should be in
writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be
misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get
the seller’s written approval on all agreements.
10. Loyalty Breeds Loyalty - Be open, honest and up front with your team. Hard feelings
and disloyalty will cause head aches, delays or may even keep you from getting into the home
you worked so hard to locate. Take the time to select the right team in the beginning and your
first home purchase will be a pleasing and memorable experience.
How to Buy Your First Home
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The original author is not known. It is not our intention to infringe upon copyrighted material. If you are the original author of any of these articles, please let us know so that we may provide
appropriate credit. All articles come from out side sources and should be credited accordantly. The information presented was taken from a open, no cost public venue and release in the same
manner.
appropriate credit. All articles come from out side sources and should be credited accordantly. The information presented was taken from a open, no cost public venue and release in the same
manner.