Avoid the 8 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?
1. 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.
2. 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.
3. View Several Homes - See at least 5-10 properties. Don’t move too slow but don’t move on the first property you see (unless it really is the diamond in the sand). 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.
4. Utilize Your Team - By aligning yourself with the right real estate professional you will have an entire team at your disposal. Real Estate consultants will have mortgage, lawyers and other professionals to help you.
5. 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 your walk-through so you can inspect everything in working order.
6. 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.
7. 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.
8. Loyalty Breeds Loyalty - Be open, honest and up front with your real estate consultant. Hard feelings 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 consultant in the beginning and your first home purchase will be a pleasing and memorable experience.
———- Jas Jagpal helps families in Markham’s Boxgrove, Scarborough’s Morningside Heights and the GTA in buying or selling their home. Jas’s purpose is for you to be so outrageously happy with the help he provides you… that you will gladly introduce him to at least two people you care about even before you transaction is closed. Jas’s unique 20% commission sharing partnership with charitable organizations distinguishes him as a leader in innovation and charity. By choosing Jas you’ll work with an extraordinary agent who is honest and upfront with his advice and you’ll help your charity. Give Jas a call 647-272-6629 or visit his website and download his personal brochure to get to know him better. Help Jas raise 50K in 2010 for charities. Jas Jagpal: Making Good Things Happen. ——–
