Common Mistakes Made By Home Buyers
Here is your chance to learn from other home buyers mistakes! Weve listed the five most common mistakes that a home buyer can make:
1 Failing to plan for the future Even if you think you will live in your new house for the rest of your life you should still plan your exit strategy. If for some reason you needed to sell your home would you be able to? And if you could sell the home would you make any profit from it? Be sure to talk with your real estate agent about buying a home with resale value so that you can plan for any problems that may come up in the future. He or she should be able to tell you what to look for and you can read our blog Finding a Home with Resale Value.
2 Not checking the Covenants and Restrictions Some neighborhood Homeowners Associations are stricter than others. An active HOA can be good it can keep your neighbor from painting his house PeptoBismol Pink. But if you want to store your boat at your house add on a garage or install a privacy fence be sure to check with the HOA in the neighborhood before you buy. If one of the neighborhoods youre interested in doesnt allow your boat for example you can either price boat storage elsewhere or look in another neighborhood.
3 Not getting all agreements in writing So that all parties will do what they say they are going to do it is important to get these claims in writing. Your real estate agent may get the builder or the seller to sign written addendums in order to protect your best interests during the home buying process.
4 Neglecting to perform home inspections When your real estate agent writes your contract to buy a home he or she can include an inspection contingency. This contingency gives you a way out of the contract if the home inspection reports more repairs than you want to make. A termite inspection is usually required by your mortgage company but a regular home inspection is usually not required. We recommend getting this standard home inspection so that you know the condition of the home before you buy it. So if there are serious foundation problems that you did not notice earlier your inspection contingency can get you out of the contract and usually without any penalties.
5 Forgetting to do a final walkthrough You have an opportunity to walk through your new home right before you officially buy it. Usually the final walkthrough takes place the day of or the day before your closing. Chances are that when you first looked at the home the seller was still living there. So during the walkthrough you can see the home completely vacant and ready for you to move in. You can see for yourself that there are no problems with the house before you close on it. Also if you know that you will not be able to go to your final walkthrough because of a flight schedule etc. you can ask your real estate agent to go instead.
Now that youve read five mistakes made by other home buyers you shouldnt make them yourself! Learn from other peoples mistakes so that you can have a good home buying experience!
About the writer: Lee Keadle has worked with many buyers relocating to Charleston SC. He specializes in James Island homes but his team can help you find any Charleston homes for sale!
Related posts: