COMMON MISTAKES TO AVOID WHEN BUYING A HOME - by ARJOM
COMMON MISTAKES TO AVOID WHEN BUYING A HOME
BUYING THE STAGING AND NOT THE HOUSE
Some people regret winning and eventually buying the house with a top high bid only because they were stunned by how the staging made it look irresistibly beautiful. Sadly, looks can be deceiving. You may be surprised that after possession day and when all the home staging is gone, you’ll realize that the house you bought is not the house you initially loved. Remember, the home staging is there only because it helps define the room and space. It also helps people visualize the possible room arrangements and setup. They don’t usually come with the house. Don’t consider it as a reason for buying, please.
IGNORING MORTGAGE OPTIONS
Some home buyers feel tied up in getting a mortgage only from their bank without considering other options. Remember that most banks would offer you a deal that favors their best interest first over yours. Here’s one example, a buyer went directly to a bank for a mortgage loan where they keep their checking and savings accounts. Bank offered them 2.5% for being loyal customers but was under pressure to take the deal within a timeframe. Good thing, the realtor advised the client to try to get advice from a mortgage specialist for comparison. Surprisingly, the mortgage specialist was able to find them a better deal of 2.3%. Later, the original bank representative tried to follow up with the client only to hear that client had already found another lender with a better rate. Then, the bank rep flips and says why they called because the bank interests suddenly went low. And so, if the clients want to take the offer, the bank would be happy to match the same rate as the other. I find it very annoying why banks won’t offer that deal in the first place. Also, banks may not offer or advise you on how to qualify for some government housing programs or first-time home-buying programs. Therefore, it is a good idea to try some other options.
SKIPPING THE HOME INSPECTION AND NOT DOING DUE DILIGENCE
I think this is very important, especially when buying an older home. Some houses may have issues that could be costly to fix later. Though it is difficult to find that perfect home, there are ways to deal with this (get advice from your real estate professional). Other homes may have some addition and improvements done without permits. The buyers need to realize that they are assuming any possible repercussions with the city or municipality if they find out (the new homeowners could be penalized and asked to deal with the permits on their own). While some home buyers easily give up and get tired of checking out for more properties or become frustrated by losing bids, sometimes they resort to submitting an offer without considering this process. They only end up taking the risk.
NOT SEEKING ASSISTANCE FROM REAL ESTATE PROFESSIONALS
Unless you’re an expert, try not to buy or sell a property on your own. Most who did it alone did not made-up the most value for their home. Seek honest advice from good real estate professionals. Choose and consider one not only because you found out that they give away free stuff like TVs, some gadgets, or even Michael Kors. Try to find those professionals who provide good service, offer valuable advice, and genuinely protect your interest as a client. Ask your friends and families for recommendations or read reviews and feedback online.
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Tags: Cyril Rocero, Maxpro Real Estate, common mistakes, buying a home, home-buying, home staging, mortgage options, home inspection, due diligence, real estate professionals, homes for sale, tips and advice, Winnipeg real estate,