Wednesday, August 5, 2015 / by Marion Franke
Buyers can feel they are at a disadvantage in this type of market. When a home is priced right and in good condition they tend to fly off the market in less than a week. It’s real easy to get caught up in the hunt and make mistakes. Mistakes can cost a great deal of money. Take your power back with these ways to be prepared, but don’t rush into something you will regret later.
1. Internet Research Does NOT Prepare You to Buy
Too many people feel empowered by all the information on the internet. While it really does provide a great deal of information you need to make a good decision, people have rushed to purchase without having TRUE knowledge of the market and home-buying process.
2. Home Buying is NOT a Time to Fall in Love
It’s really easy to fall in love with the “perfect” house. It has the landscaping to die for, you can easily imagine morning coffee on the back porch or the kitchen is expansive and open to the entire house. All of those things are wonderful, but they could distract you from the truth of lush landscaping being a time consuming job to maintain and all the appliances in the kitchen are already 10 years old. Falling in love can make you “blind” to the things you really need to consider carefully.
3. Competition May NOT Go Your Way
Emotion is part of the home buying process. You are excited about the prospect of living in your new home. However, even when the house is well-priced, tastefully upgraded and immaculately maintained, you still have to be willing to walk away. Competitive offers are pretty common. Be certain you are working with an agent who is experienced in negotiating hard for you. Follow the instructions of your agent to strategically win in the negotiations. But be prepared to find another home rather than paying more than the market value.
4. You May NOT Be Able to Remodel
Some of the best bargains on the market are those in the ideal community needing a little upgrading or modernization. You are smart to seriously consider this type of home. However, remember there may be city ordinances, homeowners association rules and architectural committees who can spoil your plans. If you want to add a deck, garage or pool to bring the house into perfection for your family, try to find out everything you can about any restrictions threatening your ability to make those improvements.
5. Do NOT Skip the Professional Inspection
The inspection process is designed to protect your interest. While the report does not promise to identify every little detail needed, it does give you the benefit of a professional review. The inspection report allows you to renegotiate with the seller if something serious needs correcting and also gives you a list of items you may want to repair/replace once you own the home. Check for membership in the American Society of Home Inspectors (ASHI) and ask to see a copy of a sample inspection report. Just because the professional inspector good at his job of analyzing property condition does not mean the report is clear, annotated and comprehensive.