Author: Shelby Warden
Published: Jun 27 2013
Buying a new home is one of the most exciting things that an individual or family can do, but it also comes with several risks. After all, if you are not extremely careful, it is possible to purchase a home that will need extensive repairs. In order to avoid dealing with a very expensive mistake, you need to take several important steps.
1. Work With a Professional Real Estate Agent - A Realtor can help you find the best available home for your budget, and they will also work to protect your interests. In other words, having a real estate agent on your side is the absolute best way to ensure that you do not get locked into a contract that has a lot of hidden fees. A real estate agent can also help you discover any unsavory details about the property before it is too late.
2. Hire Your Own Inspector - Every home has to go through the inspection process, but it is still a good idea to get a second opinion from an inspector who you provide. Even though you will have to pay them for their services, it is much better to do this than to find out later on that the general inspector missed the necessity for an expensive repair. Keep in mind that you are most likely going to be legally obligated to take care of anything that is not uncovered before the contract is signed.
3. Analyze Market Costs - Another positive aspect of working with a real estate agent is that they can help you analyze market costs to make sure that you are getting a fair price. Many home buyers will become so excited by finding a place that they love that they unwittingly overpay for it. However, if you educate yourself about the average asking price for similar homes in the nearby area, you can avoid making this mistake.
4. Learn about the Neighborhood - Some neighborhoods have a higher rate of appreciation than others, and it is vital to know if you are considering making a purchase in an area that has a bad sales history. For example, if you look for homes in Alexandria, a Washington, D.C. neighborhood that has a history of producing a solid appreciation rate, you should be able to sell the home for a nice profit down the line. On the other hand, if the neighborhood has a history of depreciating rapidly, you will probably take a big loss if you ever decide to sell the home.
5. Get Bids for Necessary Repairs - If you know that the property needs repairs, make sure that you get bids before you commit to buy it. After all, the seller might say that the repair will only be $500, but it is possible that it will actually end up costing a lot more.
It is definitely possible to avoid dealing with home buyer mistakes as long as you work closely with a real estate agent and keep your eyes open for any potential issues. It is also important to make sure that you ask any questions that you have before you make an offer on the house.
Shelby Warden, who has been involved in hundreds of real estate transactions, shares this information to help buyers avoid common mistakes. The homes in Alexandria Virginia continue to rank among the most expensive in the nation. A licensed brokerage in over thirty states, Movoto recruits the most experienced agents who make it their business to bring together everything their clients need when buying a home.
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