It can be exciting going through the process of purchasing a new home. However, there are several mistakes everyone should be aware of and avoid at all costs.
Below are 3 mistakes to avoid when buying a new home:
Not Checking Credit Report and Score
You’ve clicked through hundreds of online listings, compared floor plans and square footage, and are eager to jump-start your search. But before you even think of setting foot in an open house, make sure you get a copy of your credit report. The cleaner your credit report and the higher your credit score, the more likely you are to be preapproved for a mortgage at a low interest rate.
Review your credit report a few months before you begin your house hunt, and you’ll have time to ensure the facts are correct and dispute mistakes before a mortgage lender checks your credit. You can access a free copy of your credit report at annualcreditreport.com once every 12 months. Source: http://money.usnews.com/money/personal-finance/articles/2011/12/15/10-rookie-home-buyer-mistakes-to-avoid-2
Forgetting About the Hidden Costs
Buying a home isn’t just a matter of replacing a rental payment with a mortgage payment. There are also maintenance costs, utilities (which will likely cost more) and property taxes. “People tend to forget about both property taxes and insurance when they’re thinking about how much house they can afford,” Derrick says. “The actual monthly payment could end up being well out of your price range when you figure those things in.” Source: http://www.forbes.com/sites/learnvest/2013/03/06/the-7-top-home-buying-mistakes-you-should-avoid/
Not Using Professional Help
Oftentimes, buyers don’t feel a real estate agent is necessary when building a new home. After all, there’s a sales agent on-site to assist you with your questions, right? Wrong.
“Many people figure that they do not need the help of a Realtor,” says Ali Johnson, a Florida-licensed real estate agent who specializes in new construction and gated communities in Venice, FL. “They feel they can handle it themselves, and that they have a sales representative working for them in the new community that takes care of and explains everything, including the paperwork. That person works for the seller, though. They represent the developer’s interests.” Source: http://www.trulia.com/blog/6-mistakes-to-avoid-when-buying-a-new-construction-house/
Hopefully these will you in purchasing your dream home. If you have any questions or need further assistance, please give us a call or contact us here.
Gary Wong, MBA
2105 West 38th Avenue,
Office Phone: 604-263-1911