1. Choosing the wrong real estate agent.
You will want an agent who understands your real estate needs and goals, becoming your partner in your home buying journey. At Neumann | Kelley Properties there is always an open line of communication during the home buying process.
2. Not being pre-approved for a home loan when making an offer.
Pre-approval will give you peace of mind in the home buying process. A loan officer will ask specific questions regarding income, debt, and other factors to help determine the price range that you can afford. Neumann | Kelley Properties requires a pre-approval before making an offer.
3. Not knowing the total costs involved in buying a home.
Ask your real estate agent or mortgage representative for an estimate of the closing costs on the home. Title insurance and lawyer fees need to be considered. Homeowner’s association fees, when applicable, and insurance must also be taken into account when buying a home. Examine your settlement statement before closing so you are aware of all fees that must be paid.
4. Limiting your home search.
Homes listed in print magazines or on the internet may have already been sold, so it’s best to work with an agent who has up-to-the-minute information about property availability at their fingertips. Keep in mind, you may also pay a premium for homes that are move-in ready and look like they could be in a magazine. Be realistic and have imagination during your home search.
5. There is only one perfect home out there.
When you are buying a home, it is more of a process of elimination. New listings become available daily. You will want to be open to all possibilities within your budget. Ask your agent for a market analysis. This compares similar homes in the local area that have recently sold or are still for sale.
6. Only thinking about the here and now.
It is important to think ahead to the long-term needs of you and your family. Will the home work for you in 3-5 or 5-10 -years from now? Try to anticipate changing needs and requirements.
7. Not doing the full research on a potential home.
Make sure you have confidence in your purchase by thoroughly vetting any concerns you may have with the property such as crime rate, schools, power lines, neighbors, environmental conditions, etc. These are important questions to ask before you make an offer.
8. Avoiding a home inspection.
A qualified home inspector will detect issues that you may overlook. Not having a home inspection to save money before purchasing can end up costing you tomorrow.
9. Not purchasing adequate insurance.
Advice from an insurance agent can provide you with answers to any questions or concerns you may have, making sure your home will be covered in case of an emergency.
10. Refusing to buy a home protection plan.
Home protection plans usually lasts one year from the date of sale. They tend to cover basic home repairs and can be purchased for a nominal fee. Your real estate agent can help you find the protection plan that suits you best.