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Cory’s List of Top Don’ts When Buying A Home

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7 Home Buying TipsWhen buyers are in the market for a new home, people come out of the woodwork with laundry lists of advice on things the buyers should do. While purchasing a home entails many decisions and steps, some of the key aspects can be boiled down into a short list of things you should not do when buying a home. Keep the process simple by following this list of “don’ts” as you assess properties. I worked with John Moel of Indiana Mortgage Lenders, and we think our list can speed up the process of choosing ones that are worthy of making your short list of potential buying candidates.

 

1. Never use the same real estate agent as the home seller

The seller is paying the agent’s commission, so the agent is working in the seller’s best interests, not yours. Beware if the seller’s agent tries to pressure you into using them. They will likely tell you both parties will benefit by using one agent. The only advantage is that one agent can take control over the entire transaction, and there is a very good chance this will not work in your favor. Some experts say that you would be better off with no agent, rather than letting the seller’s agent represent your interests.

 

2. Don’t expect to find a home that has every single feature you want

Assess new home prospects with a prioritized list of things that are important to you, and know which ones you can let go and which ones are non-negotiable. Holding out for a house that has everything on your list may keep you in home shopping mode forever. Meanwhile, you could be bypassing some really great properties.

 

3. Don’t focus your home-buying search in too narrow of an area

Many people want to buy homes close to their job or a great school. Others want a certain neighborhood because of the types of homes or neighbor demographics it contains. Unless you have months or years to wait for the right property, you could benefit from exploring other areas that meet most of your criteria. Finding a great home involves certain trade-offs, and if your focus stays too narrow, you could miss a property that has other features you find important and desirable.

4. Don’t become too hung up on a home’s aesthetics

Focus on the integrity of its structure and its basic architecture. Unappealing paint colors, poor landscaping and rust-colored shag carpet are aesthetic features that might turn you off initially, but learn to look past them. Take advantage of great homes with poor aesthetics that can be improved for a relatively small amount. These gems are the ones that many other buyers pass over, and choosing one could wind up becoming a great bargain.

 

5. Don’t breeze through all of the contracts and documents because you are excited about your purchase

Review each one carefully, and work with someone who has experience and serves as your advocate. This is usually your agent, which re-emphasizes the point of not using the seller’s agent. An agent working for the seller is not likely to point out language in the contracts that is not in your favor. Hiring an attorney is not usually necessary, although it is not a bad idea to have a real estate attorney review each contract. If your transaction involves complexities such as an illegal guest house built in the home’s backyard with a tenant that you would like to evict, this situation is beyond the scope of a real estate agent and you should seek legal advice.

 

6. Don’t make an offer so low that you insult the seller

According to real estate agent Karen Monsour of Exit Realty Properties based in Coral Springs, Florida, offers made at 25 percent below the offering price are too low. Other agents think 15 percent below the offering price is the cutoff point. Either way, an upset home seller can shut off negotiations completely with a potential buyer that bids too low. The key is to keep the lines of communication open. Every seller has different needs, and some may be more open to “lowball” offers than others.

 

7. Don’t buy a home that is out of your price range

Some people scrape every last dime together to buy a new home, only to have trouble making the mortgage payments or paying for the home’s upkeep. Home ownership requires many other expenses besides the mortgage, and that does not even consider a homeowner that suffers a job loss or other financial difficulties. Buying a home that is well within your means allows for a margin of safety in your personal finances. Choose an affordable home that has the most important features you want and need.

Buying a new home, especially for first-timers, can be very exciting and frustrating at the same time. Each transaction requires a lot of work, but the rewards are worth the effort. Many homes are the largest investments in peoples’ financial portfolios. Going into the home buying process with an open mind, realistic expectations and at least one knowledgeable person working as your advocate can take you a long way towards finding the house that becomes your perfect home.

 

 What Not to do When Buying a HomeIn Summary

Home buying is a complex process with many potential issues for the inexperienced buyer. While many real estate agents and home sellers conduct business ethically, there are those who do not. While shopping for a new home, protect yourself and increase your chances of a successful transaction with the following tips.

Houses For Sale And Rent

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When it comes to making an investment decision, it is wise to consider real estate as it’s one of the fastest growing industries. The demand for houses for sale in Islamabad has been rising as people have the spirit of property ownership and change of standards of living daily. People want to experience life in modern houses and to move from one residence to another.

With the high competition in the real estate market, houses for sale and rent are now being customized to be unique and modern. New and advanced architectural designs are being used when constructing homes to attract people to buy or rent them. Most of the currently constructed homes have TV connections, WI-FI connection, swimming pools, Jacuzzi and other comfort amenities.

The demand for houses is evident as the house ownership rate is higher than 67% in the US alone. This rate is expected to rise as there have been high property constructions which may lead to a reduction of prices. If you are a property owner, investing on new units is strategic decisions due to the real estate’s industry daily growth.

Whether you want to buy or rent a single bedroom or a family house, there are properties with different specifications to suit everybody’s budget. Even the VIPs and celebrities who have a taste of class can find luxury houses that are customized to fit their lifestyles. Looking for a house from a realtor is cheaper and time saving than constructing one from scratch. First, you have the advantage of getting a house in the place of your choice. Real estate listings have properties established in almost every place and this is a perfect platform for people to compare.

Secondly, house listings have information such as size, location, price and amenities in a property. With the online real estate services, you can compare such information without visiting the houses physically. If you are on a business trip or residing in any place temporarily, houses for rent are the best option rather than seeking accommodations in different hotels which may increase your expenses.

For those who are planning to build homes for business purposes or have already established houses for sale or rent, using a realtor is more effective than looking for customers personally. Potential customers looking for their choice houses to either buy or rent visit real estate websites daily. This reduces the period that your house takes to be occupied that results in more income.

If you want to get the best real estate deals, you have to use the right agent. An agent that has an authoritative site ensures that you sell your house within the least time possible, gives you information on how to sell it and has a good client support making sure that all the potential clients get satisfied. You can search for a house with specific specifications to get an exact choice from the listing rather than going through all the houses. Buy and rent house through a real estate portal such as BuyLet to get your dream home at the most appropriate price.