Purchasing a home is a big decision that one must make carefully. Mortgage rates are at an all-time low and everyone is rushing to find the perfect place. According to Realtor Magazine, 145,800 people purchased homes in 2017.
Buying a home in the Carnegie area is ultimately one of the biggest investments you can make. Regardless if you are a first-time or repeat buyer, review the following suggestions on mistakes to avoid.
Not getting an inspection
Inspections are crucial for potential buyers to know what type of property they are potentially getting. Not all deficiencies are apparent. A professional inspector can spot issues that buyers miss. Inspections are necessary to help buyers avoid bad real estate transactions and, in some cases, use their inspection reports as leverage in negotiations.
Not considering long-term affordability
Once preapproved for a mortgage, people learn how much home they can afford. Though they might be able to comfortably afford a home that is at the top tier of their budget now, they might not be able to in the future. It is important for buyers to consider properties that are at the lower end of their budget, so they can still afford their home if job loss or an unexpected financial emergency occurs.
Not getting seller concessions in writing
Some people will say anything to get their home to sell. They might say they will throw in the appliances or make certain repairs before sealing the deal, only to renege on it. Verbal agreements can be challenging to enforce, especially in the real estate industry. Getting all arrangements and agreements in writing is essential to prevent complications and litigation.