Posted on: 13 November 2017
The pages of some forums and social media sites often features horror stories about real estate transactions that have gone completely off the rails. Even though many of the details may have been embroidered to garner more attention, they can still create a sense of dread for those about to embark on their journey to buy a home. Buyers who want to avoid having a real estate nightmare of their own can choose to take some or all of the following proactive steps.
Rely on professional guidance
The first step to buy real estate is to partner with the right professional to guide you through the process. The real estate agent you select should be one that offers verifiable experience in the area in which you plan to purchase, as well as having excellent referrals from past transactions, and a policy of maintaining excellent communications with clients.
Get a mortgage approval
Many heartbreaking real estate failures are caused when buyers fail to get a full mortgage approval before beginning their search. Unlike a standard pre-approval, a full mortgage approval results only after the lender has screened the applicants, including employment and credit histories, and made sure that there are no red flags to show up during underwriting.
Select a home in good condition
Negotiating inspection issues is one of the most nerve-wracking parts of the home buying process. Inspection issues are also one of the leading reasons that home sales go awry. Avoiding home inspection issues when purchasing a home is easiest when prospective buyers are careful to limit their viewings to homes that are in top condition.
To do this, buyers should focus on listings that feature wording such as:
- recently updated
- newly installed
- completely renovated
Buyers should also take time to request and review any seller disclosure or other documentation that is available for each home they are considering. If the home is located in a municipal area with a planning and zoning board, it can also be helpful to view any building permits or other data available for that address.
Choose a home that is and will continue to be affordable
Part of having a great home buying experience is to choose a home that is affordable to purchase, while also being affordable to own for years to come. To do this, buyers should always consider all costs of home ownership, including any transaction fees and closing costs, as well as all recurring costs of ownership, such as maintenance, utilities, property taxes, and the amount of the annual homeowner's insurance premium they will need to pay.Share