Shopping for a new home is an emotional experience. This is what differentiates it from an investment property or a commercial property. If this is the place you’re going to be living, it’s going to be emotional. The three main things that can happen because of that are 1) paying too much, 2) losing a dream home to another buyer, and 3)buying the wrong home. You need to have a plan before you shop, so you can try to avoid these errors, which can cost a lot of money!
Get the information you need, such as price, market information and is this a good deal. Of course, using a realtor is going to be the best way to help you navigate this situation to your benefit. The best thing about hiring a realtor when you’re a buyer is, typically, the seller pays the realtor fees, so it would be free. Buy your home, so make sure you have a list of the things that you really want in a home, and outline your priorities before you shop.
Check the title: Before you sign any documents, make sure your property is free and clear of encumbrances. Again, this is a service that a realtor will provide to you to make sure that you have clean title. They do this every day. They can protect you legally. Very smart to involve a title company.
Update the survey: If you don’t know what a survey is, you can find out by contacting me directly, or you can go on my website. We have some information on what a survey is.
Minimize the unexpected: A professional inspection is paramount. I do not advise any of my clients to purchase any property without an inspection. A qualified inspector can help you avoid some really costly mistakes.
Get pre-approved: It only takes a few days to get pre-approval. Of course, if you’re paying cash, this is not applicable to you.
Remember the additional costs: You’ll need funds for items like the loan fees, insurance, legal fees, surveys, inspections, and some title fees, too. Again, that’s where a realtor can come in. They can show you a HUD settlement statement that will estimate what you’re going to need to bring to closing.
Take a deep breath! Before you sign, ensure that all documents clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing, or even the sale, if you attempt to push things through too hastily.
If you are looking at buying a home in the near future, please reach out with any questions or concerns you may have at 321-351-1441. I am a licensed broker and am here to help! You may also visit my website HERE!