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Shopping for a new home is an emotional experience. It’s also time consuming and comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas:
When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:
Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional Realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.
Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.
Know you area
The three most important factors when purchasing a home, Location, Location, Location. You hear it all the time. The fact is location is important. When considering where to buy, check out the area your considering to purchase in. A professional Realtor who's familiar with the area can educate you on schools in the area, taxes, potential growth and other factors that may be of importance to you.
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a Realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.
For $300 - $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.
Shopping without pre-approval
It only takes a few minutes to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.
© 2017 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Information deemed to be reliable but not guaranteed. Real estate listings held by brokerage firms other than Realty Ambassadors are marked with the ARMLS logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Only IDX residential listings are displayed on this site. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify perspective properties consumers may be interested in. This site will be monitored for 'scraping' and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. Information last updated on 2017-09-21.
© 2017 Prescott Area Association of Realtors. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes from Prescott Area Association of Realtors and the Broker Reciprocity Program.sm. Real estate listings held by brokerage firms other than Realty Ambassadors are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-09-21