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Shopping for a new home in Utah is a taxing and emotional experience. It’s also time consuming and comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items and these simple omissions can cost a buyer some pretty serious money. These errors generally fall into three areas:
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Paying too much
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Losing a dream home to another buyer
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Buying the wrong home
When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips I have found very useful to make the most of your Utah home purchase:
Not having the proper representation
Too many buyers now a days don't understand the full benefits of using a Realtor when buying a home. Most people think it is cheaper not to and will save them money when, in reality, this error could end up costing them thousands of dollars and possibly even losing their home. For this reason I would like to clarify one of the most common misconceptions in real estate: IT DOES NOT COST A PENNY TO HAVE A REALTOR WORK FOR YOU AS A BUYER! That's right! Not a dime out of your pocket and you have all the representation, knowledge, and experience that comes with being in the real estate business. Not only that, Realtors have the power to negotiate prices of a home and actually save you money. You can't beat that!
Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. That's where I come in. Before you make that offer, I can present an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much, or worse, you could miss out on a great buying opportunity.
Buying a mis-matched home
What do you need and want in a home? When asked this question, many people will think of the number of bedrooms or bathrooms they want, or what size the kitchen and living room need to be. Others will think about the size and type of yard they want for their children, or to make sure there is room for that vegetable garden. But what people don't realize is there are so many other aspects to a home. Some questions you may want to ask yourself: Is this home close enough to school and/or work? Is this home going to big enough for my family? Could there be too many costly repairs to be made before I can enjoy my home? As your Realtor, I can help bring out the BIG picture so we can make sure your new Utah home is just right for you!
Unclear title Before you sign any documents, you should be sure the property you are considering is free of all encumbrances. As part of my services as your Realtor, I can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements. I will also make sure your lender provides Title Insurance, protecting you, your family, and your new home from any past hinderances.
Unexpected repairs For homes built before 1980, or if there are any questionable items in the home, I usually will advise my client to seek the help of a Home Inspector. For $300 - $500 a professional inspector will conduct a thorough inspection of the home, checking for mold and/or water issues, foundation cracks, electrical problems, and more. This way, you’ll have an idea of the cost of future repairs.
Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.
Remember additional cost Besides the funds for the purchase of a home, you’ll need funds for items such as loan fees, insurance, legal fees, surveys, inspections, etc.
Rushing the closing Before you sign, ensure that all documentation clearly reflects your understanding and conditions of the transaction. Has anything been forgotten? Don’t rush. You could lose money, financing or even the sale.
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