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TIPS FOR HOME BUYERS … First Time and Repeat Buyers too! — presented by Dennis Grigassy, RealtorŪ If
you are considering purchasing a NEW CONSTRUCTION home in a developing neighborhood
– PLEASE READ THIS: Based on my
years of experience as both a Realtor and as a home buyer – please, please …
think twice, three times, ten times before you agree to purchase a
new-construction home that is to be placed on a lot that is at the edge of
a subdivision. If you don’t absolutely, positively know – for absolute
certain – what is behind your new property, or
what may be behind your new property in the near or distant future
– run, don’t walk, to a lot in the subdivision that is situated at a
different location. Don’t rely
positively on what a new-home salesperson tells you that he or she “thinks”
may someday be behind you. Usually they just don’t know. Also be wary of
areas on subdivision maps that are called “reserves.” I
know of people (myself included) who made this mistake – and now have things
like: highway sound-walls, apartment complexes, schools, shopping centers,
water tanks/towers, cell towers, sewerage treatment plants, etc., etc. – on
land that, when they purchased their new home, was vacant, had trees, woods,
etc. Here are some other Tips that you will probably find very useful — Get professional help. Consider enlisting the services of a licensed RealtorŪ (me, I certainly hope) as a Buyer's Representative. Unlike a listing agent (the one with the sign in front of a house) or a new home salesperson, whose first duty is to the seller or builder, a Buyer's Representative is working ONLY FOR YOU! And Buyer's Rep fees (commissions) are most always paid for by the seller or builder. This means that you, as a buyer, get professional help, guidance, and advice from someone REPRESENTING YOU -- FOR FREE! Hiring a RealtorŪ (me, again) should be a no-brainer for you. Think ahead for the long term. Are you looking for a starter home and have plans to move up to something better in a few years? Do you hope to stay in the home you buy for years and years? Your answers to these questions may dictate what type of home we should shop for for you, and how you should approach the financing to best suit your plans. Do your homework. Before you start looking consider carefully and decide what features you want in a home and which are most important to you. I suggest that you list the three items that you absolutely cannot live without, and the three items which would be nice to have as extras. Be picky, but don't be unrealistic. There is no perfect home. Get your finances in order. Review your credit report and be sure you have enough money over and above your anticipated monthly house payment to cover your down-payment and your closing costs. (I can help you with this and explain the various technical real estate terms.) Don't wait to get a loan. Talk to a lender and get pre-approved for a mortgage before you start looking. (I can give you lots of direction in this, and can give you some rough-estimates of how much house you should be able to afford.) Decide when you could move. When is your lease up? How tight is the rental market? Are you allowed to sublet? Can you hold-over on a month-to-month basis? The home-buying process typically takes between one and two months from making a serious start to actual move-in, so your time frame could be important. Don't let yourself be house-poor. If you max your finances out considering and/or buying the biggest house you can currently afford, you may have no money left for decoration, maintenance, or emergency needs. Don't ask too many people for opinions. It will drive you crazy. Select one or two trusted friends or family members to turn to if you feel you need a second opinion. Don't
be naive. Insist on a home inspection of the house you pick out to buy.
I'll pretty much insist that you do this too, and I can provide a list of
qualified home inspectors for you to choose from if you want. I'll also
insist that we ask for a warranty from the seller to cover any defects that
may come to light later. I hope you find this list of tips helpful. Call DENNIS
GRIGASSY ... and you'll be on your way home! |