Whether it is buying your first apartment, a bigger family home, or downsizing, the process is almost the same. Avoid these common mistakes!
Pitfall to avoid – Not thinking money
- Talk with a financial specialist about your situation
- Obtain a preapproval that allows you to search for properties that fit your budget
- Find a mortgage that best suits your needs
Pitfall to avoid - The "lowest" rate with the "lowest" fees is not always the best option
- The lowest rate often comes with restrictions that may negatively impact you more than paying a little more up front.
- Going straight to your bank may sound easy, but it also limits your options.
- An online provider may fit your lifestyle with low fees and remote connectivity, but it may also hinder your ability to meet deadlines or cost you an opportunity.
Pitfall to avoid - Trying to save money by dealing with a listing agent or online services
- When calling the listing agent, you might think you are saving money. You probably aren't. They have already agreed to work for the seller. All you have saved is a REALTOR® working exclusively on your behalf.
- Working with an agent requires a level of trust. Not being fully honest with them about your requirements, financial situation, or availability will risk wasting your time and energy.
Pitfall to avoid - Not being available
- It takes time to locate a home, complete a transaction, and ultimately take possession of keys.
- Work with your agent to develop a schedule that consistently gets you looking at homes in your desired market range.
- Once you have signed an offer to purchase or agreement, hitting deadlines is critical.
Buying a home is a big step. There are many pitfalls on the path to success. Make sure you have a great team working on your behalf, including your own commitment to take that step.
By The Leesman Team Advantage, REALTORS® at CENTURY 21 Bamber Realty Ltd.