New Home Buying Advice: Top Mistakes to Avoid
It is most likely that you will buy a home only once. And because of this, you as a homebuyer are vulnerable to commit mistakes. But this is not an excuse. Remember that you are purchasing a properly with a big amount. And there is no room for mistakes because if you commit one, it can cost you so much or suffer the consequences for a long time.
Here are the common mistakes you should avoid:
1. Buyers fail to recognize the importance of reading the contract thoroughly. This happens for two reasons: the buyers want to get over with the process quickly, and the buyers think that the contract is always on their side. The truth, however, is that it is very important to read the contract before signing it. This ensures that you can negotiate with your agent or seller the deal and provisions that work for you. Without reading the contract well and negotiating the things you want to be included in the contract, you will be stuck with what the contract says.
2. Buyers eliminate the risks of rushing the preparation of the contract or negotiating the terms with the seller in exchange for assuring that they will own the property. This puts the selling into deep trouble in case a dispute is opened. Remember that although a signed contract can be subject to question, buyers must realize that the most important part of home buying is drawing a good contract before it is signed.
3. Buyers think that the seller concessions, closing expenses, and the agent’s commission are shouldered by the seller. Avoid this mistake by reading the contract well and making sure that the contract states the amount you have to pay.
4. Buyers tend to disregard their roles in personally conducting or attending the physical inspection, property appraisal inspection, and environmental audits. Although people paid to do this job will likely to complete their work, it is always good to personally oversee the overall inspection and appraisal to make sure that they see the details that you like them to see.
5. Buyers are not fully aware of the duties and roles of real estate licensees. They often rely to these people as the persons who will represent their interest. One point that should be cleared is that real estate licensees can represent the seller’s interest, your interest, or both. Clarify who represents whom. Make sure not to rely solely on your real estate licensees. Personally represent your interest to the seller. This way, you can negotiate what you want and get the result you want.
6. Buyers fail to realize the importance of seeking for a legal help when buying a home. A contract is a binding agreement between you and the seller. If you do not understand well the details stated, you might sign a flawed contract. It is very important, therefore, that you have a lawyer that will explain to you the details stated at the contract. Your lawyer will also give you advices on the details that must exist on the contract to ensure your protection.
Buying a new home is complicated and one wrong move will put the whole deal into jeopardy. Make sure that you avoid committing these mistakes when buying a home.