The American dream can be summarized as upward mobility. This mobility is typically tied to finances and home ownership. As a real estate agent and former educator, I truly believe that there is hope for most if not all Americans to own their own home. Owning your own home cannot only help you build your net worth and financial stability, but also can provide you with a sense of pride. My hope is to briefly address some common pitfalls associated with home buying and help individuals avoid them.
Pitfall คอนโด ราคาถูก number one is not repairing your credit before home shopping. Now you may believe that your credit is impeccable, but you would be surprised what might show up on your reports. What I suggest for prospective homebuyers is that they request a free copy of their credit reports at least three months prior to home shopping. A free report can be requested yearly online by visiting each of the big three, Equifax, TransUnion, and Experian. While these reports will not display an actual credit score, more importantly they will describe your credit history. Be sure to check each one, looking for any negative reports that may be over five years of age or that are incorrect. If you find either of these, I highly suggest that you dispute it with the appropriate reporting agency (notice items such as bankruptcy and foreclosure will stay on your report longer). I actually used this technique myself, several years ago and raised one of my scores by over 50 points in less than a month. The reason we want to repair or check for any blemishes is to ensure that we get the absolute best rates when you do purchase your home.
Pitfall number two is not shopping around for the best rates. I would suggest before even beginning your house hunt to contact at least two to three lenders and get some comparison quotes. Consider all aspects of the terms, not just the quoted rate. Prepaid points up front or fluctuating rates in the case of an adjustable mortgage can send a good deal south very quickly. If you are considering an adjustable rate mortgage (which I highly discourage at this time with rates lower than 3.5%) make sure to check yearly caps and term caps on just how high your rates could possibly rise. As a final note, notice I said contact two to three lenders. I would however suggest basing your contacts on advertised best deals. Also contacting more than three lenders can be a waste of time and if they are pulling your credit reports the multiple inquiries could temporarily lower your credit score.
Pitfall number three is shopping alone. If you are sure that you need to buy or are going to buy, hire an agent. In most cases, a buyer's agent is no cost to the buyer and in almost all cases will cost you nothing prior to closing. An agent should have a strong knowledge of the market and understanding how a home's price rates against comparable properties. They will also be able to negotiate on your behalf, as opposed to dealing with making an offer yourself. By having your own agent, as opposed to simply calling a listing agent, you have someone negotiating for you, not just to get a fair deal for the both of you. See when you call a listing agent about a home they are representing the seller, not you. That means they are looking out for their best interests. Even if you sign a buyer's agreement with that agent they are now in a position of trying to negotiate the best deal for two opposing sides, not usually a best case scenario for a buyer.
Pitfall number four is not looking at the big picture. There are a few things that can't be changed about a home. The first and most important is location. Second, is the general size of the home. Additions, while they can be done are not cheap so don't go into a home thinking you'll add another room or story unless you're married to the location. Things like ageing or damaged foundations or water damage are certainly an item to look out for as these items can be a big expense to update or fix. Aside from that just about everything else can be dealt with. While other items such as aging roofs, furnaces, water heaters, and the like are important they are more easily remedied. The bottom line is if you are not willing to compromise on having to do a few odd jobs like pulling up carpet or painting you better start looking for new construction. When viewing a home try to envision what it could look like, but remember your budget. Also it is a good idea to always have a home inspection prior to closing.
The last pitfall I'm going to discuss is not going with your gut. We can discuss numbers and dollars and a high return on investment, but if a house does not feel right it will never be "home". If a house does not feel right, don't be afraid to walk away. On the same note I also don't want you to think that when you find the right house you'll know by the overwhelming joy you begin to feel. Remember that a house will rarely have everything you want, but if it just feels right don't be afraid to go for it. Too many buyers hesitate and miss their opportunity to have a home that they may have grown old in.
I hope this article has given you a few things to consider when looking to purchase your first or next home. Home buying can be one of the largest transactions you'll ever make so get educated!
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