9 Buyer Traps and How to Avoid Them – Part 1
No matter which way you look at it buying a home is a major investment. For many homebuyers however, it can be an even more expensive process than it needs to be because many fall prey to a few common and costly mistakes, which trap them into either:
• Paying too much for the home they want, or
• Losing their dream home to another buyer, or
• Buying the wrong home for their needs.
A systematized approach to the home buying process can help you steer clear of these common traps, allowing you to trim costs and secure the home that’s best for you. Over the next two weeks, we’ll talk about nine common and costly homebuyer traps, how to identify them, and what you can do to avoid them.
Lack of Research
Do you know if the asking price is at fair market value? As a buyer, what price do you offer? Offer too low and you risk offending the seller. Offer too much and you overpay for the property. Failing to research the market and fully understand what comparable homes are selling for could result in either. Working with a trusted Realtor allows you to ride on their years of professional research to fill any gaps you haven’t yet discovered.
Buying the Wrong Home
Do you know specifically what you’re looking for in a home? Though it’s a simple question, the answer can be quite complex. More than one buyer has been swept up in the excitement of the buying process only to find themselves owning a home that is too big, too small, or in the wrong location. You could find yourself moving schools, with a longer than desired commute to work, or a dozen more fix-ups than you really wanted to deal with now that the excitement has died down. Take the time up front to clearly define your wants and needs. Put it in writing and use it as a checklist to confirm you’re meeting your greatest desires for the future.
Not Getting a Home Inspection
We always advise clients to get a professional property inspection. We know it’s in their best interest and for their peace of mind. Over 10 years ago we bought property without doing an inspection. Only a few years earlier we sold the property to clients, whom had an inspection done and the report was still available, so we assumed the property was still in solid condition. Big mistake. Within only a couple of years, we ran into some fairly substantial issues. A $500 up front investment would’ve saved us thousands.
Make sure you identify and uncover all costs, large and small, far enough ahead of time. As your possession date approaches, you will sometimes discover added expenses you didn’t account for such as deposits, taxes, inspections and more. Understanding all potential costs in advance helps you prepare while alleviating added stress.
Join us next time as we continue with more common buyer traps. If you’re thinking about buying or selling a home and want a local, experienced, integrity driven real estate team to assist you, contact us today! It’d be our honour to meet you, get a better understanding of your goals and see how we can best help you achieve them.
Jason Rustand with RE/MAX Real Estate serves with the highest level of integrity and excellence every time. For more info on this topic or others related to real estate contact LIKE our Jason Rustand Team Facebook page, call Jason direct at 780.980.2828, email firstname.lastname@example.org or visit WeSellLeduc.com