When Buying A Home
Being an Accredited Buyer Representative, I take my job looking out for my buyer clients very seriously. If I am going to find the right home in the right area at the right price I need more than just “We’re looking for a 3-bedroom home in Boston.” I need to know as much about your preferences and top priorities in terms of features, location, and lifestyle. This is why it’s important to have a detailed conversation before jumping into the search; hence the tongue-in-cheek photo attached!
1. Underestimating Costs
The purchase price seems to be the big number to focus on but you also need to factor in other costs including: property taxes, homeowner’s insurance, utility bills, home maintenance expenses, desired home improvements, closing costs, and if applicable, mortgage insurance and association dues/move-in fees. In fact, being qualified to buy a house doesn’t automatically make you qualified to buy a condo if the association has high monthly fees.
Google, Zillow, Trulia, etc. are not your friends.
2. Not Getting Pre-Approved
Right now, many parts of Boston are experiencing a Seller’s Market where buyers are having to compete in bidding wars to get the home they want. If you do not have a letter showing that you are pre-approved for the purchase price of the house you want to make an offer on, you will be lucky if the seller will even look at your offer when three or more other buyers have submitted such letters with their offers.
3. Not Researching The Neighborhood.
It’s easy for you to imagine yourself living in a beautifully updated home, while overlooking what it will be like living in its neighborhood. Be sure to consider schools, parks, proximity to transportation, shopping, restaurants, safety, or anything else that is important to you.
4. Ignoring Resale Value
While house hunting, the thought of selling your new home may seem a remote and distant prospect, but it might not be! Even if you imagine yourself living there forever, life often dishes out unexpected changes. It's important, then, to consider how other buyers might react to your home when you turn around to sell it because what you think is tolerable and not a big deal might be the cause of future buyers avoiding buying it due to undesirable or hard-to-modify features. It such instances, you need to ensure that you are getting a great deal on your purchase because future buyers will want a great deal to buy yours.
5. Not Hiring Jim
You may or may not be aware of “buyer representation” and what it means. Even if you do, only a select number of real estate professionals are Accredited Buyer Representatives! This designation is earned only through experience, special coursework, and keeping up on the latest issues and trends. He is a proven and skilled professional who can achieve the best results for you.