4 Mistakes Home Buyers Can Avoid
Buying a house is not just about looking at the home and making an offer. Even if a house is perfect in every way, there are other aspects home buyers need to consider. It is really easy to try to skip important steps in the buying process to save time. However, home buyers who do this could end up losing out on the sale.
Avoid these four home buying mistakes many home buyers make.
Not Paying Attention to Disclosures
If a seller is accepting a buyer’s offer they are going to provide them with a property disclosure. This disclosure will show everything that is wrong with the house that the seller and their agent knows about. These problems are ones that would affect the value of the home. The disclosure statement is required to be given to a buyer in most states so they can make an educated decision about making a purchase.
Always go through this disclosure with a fine tooth comb. Items like problems with the roof or foundation can change a buyer’s mind quickly. Any questions should be taken to the listing agent for clarification.
The bottom line is home buyers should not assume something is okay without checking. This is the perfect time to make a counter offer based on the information provided on the condition of the home.
There is something called title insurance that any buyer should purchase. Title insurance can be purchased by the buyer and the lender. However, the lender’s title insurance will not protect the buyer if something does come up. A buyer’s title insurance is not something that they have to get, but it is highly recommended to avoid any major problems.
This insurance protects the holder from ownership claims on the property that may be fraudulent. To purchase title insurance is simple. There is one premium paid at closing. Most states have title insurance premiums that are similar across the board, but there are a few where shopping for a different company can save money.
Panicking Over a Home Inspection
A home inspection is a necessary step that should not be skipped when purchasing a house. Nor should it be ignored.
Home buyers who get their home inspection back and ignore it are going to run into problems sooner rather than later. However necessary the inspection is, it is not something to be panicked about.
The inspection list will seem like it goes on forever. Before the inspection look around the house for any problem areas. Ask the inspector to pay special attention to these potential problems.
Once the inspection is complete ask what the major problems are versus the minor ones. The minor problems are something any buyer can fix once they move into the home while the major ones may stop the sale altogether.
Forgetting Homeowner’s Association Rules
Always pay close attention to the homeowner’s association rules. These are rules that any homeowner in the area will have to abide by. Once an offer has been accepted the homeowner’s association is required to provide the covenants, conditions, and restrictions for living in the home within ten days.
Once the buyer gets these rules they need to commit them to memory. If anything looks like a rule that is going to cause problems it could be time to talk to the homeowner’s association or to walk away from the property. Constantly fighting the association over something is going to be stressful.
Always pay attention to the rules and restrictions that come with buying a house. Look at what problems need to be addressed and what could become a problem in the future. Plus, home buyers should insure themselves against problems that could cost them a lot of money. A lot can go wrong when buying a house and it is up to the home buyers to avoid these problems.