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Avoid The Most Common Buyer Errors

AgentSold01.jpgShopping for a new home is an 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. Their home purchase turns into an expensive process. These errors generally fall into three areas:

  • Paying too much
  • Losing a dream home to another buyer
  • 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 on making the most of your home purchase:

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. Before you make that offer, be sure you have researched the market. A professional realtor, can offer 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.

Some homes have been reduced in price and are now very close to market value in the current buyer's market. Other homes are over priced for the market. Bev Thompson and John Thompson and Valarie Green can give you a very close idea of the correct range of selling prices for homes on the Sunshine Coast.

Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

John Thompson or Bev Thompson or Valarie Green will identify your needs quickly. Sometimes buyers find a great fit within 1 trip to the Sunshine Coast. However, some are more comfortable coming over a few times if they are not familiar with Sunshine Coast Real Estate and our neighbourhoods.

Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can supply you with a copy of the title to ensure there are no liens, debts, undisclosed owners, leases or easements.

There is also special wording to each charge on title, that Bev Thompson, John Thompson or Valarie Green will get for you to read.

Outdated survey
Before the purchase is completed, an updated survey is essential. This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.).

Bev Thompson as a previous banker, knows the banks like to have surveys or alternatively title insurance. Ask Bev about the difference.

Unexpected repairs
For $300 - $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.

Ask Bev Thompson, John Thompson or Valarie Green for a few options of qualified inspectors.

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.

Bev Thompson used to be a banker so can put you in contact with the best mortgage brokers, and give you competitive rates to take to your bank. Call Bev 604 740 2669 or on our toll free 1 888 740 7355 or email Bev at mrsbevthompson@gmail.com or johnthompson@dccnet.com