Mistakes Home Buyers Are Still Making, told with Music Videos
Starting out on your own? you may fall prey to these pitfalls. Best to consult us, your Team ROSO from day one and avoid this nasty stuff!
Below are common mistakes, easily solved at the end of this article.
“I Can See For Miles” The Who
Homeowners get to know their neighborhood TOO LATE, after they move in … there’s a collection of cars next door, recurring traffic problem due to local “bridge is out” and the town has just approved a “sewer betterment” that will cost you $15,000 over the next 10 years YIKES!
“Money” Pink Floyd
Seller credits need to be a careful balancing act of asking for necessary repairs without adding stress to the homeowner. Asking for $10,000 or more for a new roof is unfair if the seller disclosed the old roof at the showing. However, if the roof seemed fine at the showing but you discovered it was 2 or more layers and will need sheeting replaced, this is a new concern. Negotiate this carefully. You don’t want to lose the home to another buyer or end up with an astronomical cost in your first year of owning the home.
“(Welcome to) My House” Flo Rida
You imagine you’ll entertain everyone this first year and you have an image to keep up. But purchasing even one new couch is like a wrecking ball to your plan. That gorgeous leather couch may kill the credit pull completed by your lender just days before closing. It all adds up – you could easily spend $400 extra a month for those new appliances, furniture, flooring or high end window treatments, making it difficult to pay the mortgage.
“Movin Out” Billy Joel
Nothing will stop you from getting into your new home in one day. It’s more typical, however, that there will be delays outside of your control. Sometimes buyers push to occupy a home that they do not own yet. You just want to store that new dining room set you ordered or you want to save money on getting a pod storage unit. Unfortunately; Weather, People, Logistics, Lenders and Attorneys will be the only ones in charge on your moving day.
“Thrift Shop” Macklemore & Ryan Lewis – Tfeat. Wanz
There are endless ways to save when buying a home, look it up on Pinterest. Avoiding inspections is not the time to get all frugal. Performing every test, however, could cost you thousands. Hiring a Home Inspector is the most common, but are you aware that he or she does not include radon, water or pool test?
“Love Don’t Cost A Thing” Jennifer Lopez
Love people, Not things – getting butterflies when you find “the one” can cloud your judgement when buying a home. Competition from other buyers, major flaws found at home inspection and appraisal concerns will all affect your ability to get to a closing. We can overcome hurdles like these, but sometimes you shouldn’t ignore these red flags.
“Hey Hey What Can I Do” Led Zeppelin
So, What should I do instead?
Once you are serious about a home,
Do a few drives by, go different days and times.
If you like to sleep in on weekends, or want space for parking, or just would prefer not to be living next to a chainsaw artist, you’ll want to take a better look at the homes and streets around your neighborhood.
Check Google Satellite or Google Earth, FEMA and GIS.
Are you near a highschool’s event field or a dump, solar farm, airport or highway. Use FEMA address search to check out flood zones and Google <your town> + <GIS> to view layers of protected areas, wetlands, and even soil type.
Ask a lot of questions and request the Seller Statement of Conditions.
Craft your offer based on
1. what you already know about the home and
2. how the home condition compares to other homes in this price range.
I will help you negotiate the best deal, and share how to present your offer to the seller in the best light.
True friends and family will be sincerely happy that you bought a new home. If they have been through the process themselves, they will understand what you are going through, and support you in your first years.
Pizza and beer go a long way.
If anyone asks how they may help, don’t be shy. Keep a running list of low or no cost things people can do or bring for you. Also, you’ll want to become accustomed to your layout and lifestyle before you pick out a huge sectional when you find you spend most of your time on the back deck or in the garage. Your friends and family are excited for you and just want to be a part of this new venture – even if they do not want to help you move (not nobody wants to do that)
Nike says “just do It” – I SAY DONT!
Don’t make repairs, move your stuff in or remodel a home that you dont own. Insurance liability is the biggest reason you should wait. You do not want your belongings held hostage while you negotiate an issue and heaven forbid there is a fire or other catastrophe.
In one story, a buyer gained access to the home he was purchasing and completely remodeled the kitchen. His loan did not go through – but what a great gift for the seller!
Keep your Rental for an additional month, Use a temporary Storage or Pod, Identify a local Hotel with a pool – this way if things get moved up a few days, it will feel more like a vacation than a hiccup and last .. (and probably the least lol) stay with family. Do not bring your too many belongings and put into writing how much space you require and when you will leave.
You’ll have 10 days to inspect the home.
This includes any tests important to you. If you are planning a vegetable garden, get a soil test. Concerned about air and water quality, request a radon and other tests typical for city or well water. Notice the City is digging in the street, head to town hall and meet with all the departments there. Hearing the home might be haunted? … engage a clairvoyant – maybe it’s a friendly ghost.
I will do everything in my power to ensure you find the home of your dreams.
Dream and a Hope.
Until we have cleared some hurdles and they record the deed, you are NOT the homeowner. Try your best to focus your thoughts on the transaction and the timeline. Make written lists about your expectations in your new home.
When your heart is tugging at you, refer back to your list and ask if this is what you really want. Also, I recommend not sharing that you found a home, you’ll only to struggle to explain why it didn’t work out. It’s important to avoid letting your feelings get in the way, remember that this can save you money, time and heartache.
Now you’re armed and ready to find your Dream Home!
check out this Moving Day Playlist!
Christy Alferes is a Top Realtor and Certified Buyer Representative, working for RE/MAX Vantage & Team ROSO, she writes articles to help Home Sellers and Home buyers in the South Coast towns of Mattapoisett, Marion, Rochester, Dartmouth, New Bedford, Acushnet and Fairhaven Massachusetts.