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:
- Paying too much
- Losing a dream home to another buyer
- Buying the wrong home
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: First- Do not Shop without pre-approval
It only takes a few days 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. Plus, you know how much you can spend on your new home. All Arizona purchase contracts must have a pre-approval letter. 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 & past sales. 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. Unexpected repairs
Home Inspections are alway recommended with a cost of $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. If repairs are needed the buyer summits a Buyers Inspection Report, a standard Arizona form, to seller.
On a final note all real estate transactions in Arizona are governed by the sate of Arizona. All realtors use the same contracts for purchasing real estate and are accessed on Line. This contract protects both the buyer & seller. Plus all transactions are done through Escrow and a title background & insurance report is issued before close of escrow. For additional information on buying & selling Arizona real estate just call Gail, 928-486-9179 or email gfrancis2@kw.com |