10 Deadly Mistakes
Posted by Bruce Swedal on Wednesday, October 7th, 2009 at 3:15pm.10 deadly mistakes Denver home buyers make when purchasing a home.
Looking for a home prior to getting prequalified
Prequalification makes your life and home buying process much easier so make sure to take the time needed to speak with a quality lender (contact me and I can refer you). By getting answers to questions on income, debt, etc., the lender can help you determine the price range that you can afford.
Not getting a home inspection
We understand that saving money is important, but skipping a home inspection to save a little money today could end up costing you a lot of money tomorrow. Qualified home inspectors can inspect a home for issues that many home buyers could easily overlook. We are happy to refer quality home inspectors.
Limiting your home search to ads, open houses or the internet
Most of the homes found in magazines or internet ads have often already been sold. We have the most up to date information on properties and resources which are not available to the general public that allow us to quickly identify the property you’re seeking.
Selecting a Denver Real Estate agent that is not committed to exceeding your expectations in a business relationship
It is crucial to connect with the right Denver Realtor - a real estate professional that will be there before, during and after the sale.
Believing that there is only one perfect home available
When it comes to purchasing a home it is more a process of elimination than selection. Each day brings new properties onto the market as existing properties are sold so a Denver home buyer should be open to all possibilities. When viewing homes ask your Realtor how the value of the home compares to others on the market which have recently sold or are still for sale.
Not taking into account your long term needs
When considering a home it is important to think ahead. Ask yourself if the home will still suit your needs in 3 to 5 years.
Not taking into account insurance issues
When arranging for home owners insurance make sure to get adequate coverage. Ask advice from the insurance agent and get answers to any concerns you may have.
Not buying a home warranty
This is a mini insurance policy that is usually good for one year from closing. The policy covers basic repairs which may be encountered during the first year. It gives peace of mind against large, unforeseen repair bills and can be purchased for a nominal fee.
Not knowing the total costs involved in the purchase
Early in the process when obtaining your prequalification from the lender make sure to get a prepared estimate of closing costs. Certain costs may be estimated such as fees for Title Company, HOA fees, insurance and attorney’s fees if one is engaged. This should then be compared to the settlement statement prior to closing.
Not completing due diligence
Denver home buyers should list any concerns on issues such as neighbors, schools, crime, power lines, environmental conditions, etc. Find the answers to these prior to making your offer so you can be confident in your decision.
Oh, Remember… When you encounter friends or relatives who are considering buying or selling a home and would appreciate the services I offer, I would love to help them. As these people come to mind, just call me with their name and business number. I will follow up and ensure they receive excellent service.
Bruce Swedal
Licensed Colorado Realtor
Contact Me
Denver Real Estate
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Share2 Responses to "10 Deadly Mistakes"
Thanks for stopping by with that great point Christopher. It is one we also keep an eye on when working with HOA's.
Posted on Tuesday, October 20th, 2009 at 9:05 PM.
Hello from Calgary! This is a great reminder Bruce. One other that I would like to mention if I could. It goes along with the real estate due diligence section. I find a large number of buyers unwilling to have condo docs professionally reviewed. It still amazes me how many buyers do not realize just how important and potentially costly purchasing a condominium can be when it comes special assessment time with not enough capital in the reserve fund. Great info Bruce, keep up the good work.
Posted on Tuesday, October 20th, 2009 at 8:55 PM.