UTAH LUXURY HOMES
www.HotHomesofStGeorge.com
3143 South 840 East
Suite #100
St. George, Utah 84790
(435) 862-3303    Office
Utah Luxury homes

Utah Luxury homes

Articles  >>  7 Costly Mistakes Home Buyers Make

7 costly mistakes home buyers make

Making a home purchase is a large investment for anyone. For most people, it’s the most expensive investment they will ever make. At times, it can be more expensive due to common, simple mistakes like paying more than needed, or buying a home that doesn’t fit their needs. The following 7 costly mistakes can help you save time and money when making such a large investment.

1.       Working with the wrong real estate agent- your Southern Utah Realtor should be able to locate homes currently on the market that meet your specific needs through some sort of search and profile system. They should be able to send you daily or weekly emails with detailed information and photos of every home. By receiving these emails, you can see the homes right away, which saves you a large amount of time. If your agent is not providing you with this service and is not internet savvy, you may want to consider another agent who is up-to-date on current trends.

2.       Paying more than you need to- There ARE overpriced homes on the market, and not understanding the current trends can cause you to fall into the trap of overpaying. To understand the local market, you can research the homes in the neighborhood of the home you want to place an offer on. Look to see what other comparable homes have sold for and make the offer accordingly. Our experienced realtors will help find the comparable homes and prepare a CMA (comparable market analysis) about the home, before an offer is made.

3.       Finding the home that doesn’t fit your needs- It’s easy to find a home, but finding the right home requires some diligence. You should consider the details of the homes, but also the neighborhood, proximity to shopping, schools and recreation, how much maintenance needed and so on. Start your list and write your needs and wants down. Relay the list to your Buyer Agent to assist you in finding the home that suits you.

4.       Not getting pre-approved- This will speed up your home search and make it a whole lot easier. Getting pre-approved is fast, simple, and can be done over the phone or on the internet. The pre-approval will allow you to make the move as soon as the right home comes along.

5.       Not being prepared for legal issues- If they aren’t identified early, they can cause delays in the real estate transaction. Sometimes there are problems with boundaries or encroachment (when the owner violated the property rights of the neighbor). A current survey is a way to avoid or resolve any property issues before it’s too late. For other issues like tax liens, past ownership issues, easements etc., a title report is recommended.

6.       Not being aware of undisclosed repairs- A Buyer Agent will align you with a licensed home inspector to assess the current condition of the home, both inside and out. The inspection will reveal any mechanical problems (plumbing, heating and air conditioning, electrical, etc.). It will also reveal any other issues the home may have. With the inspection, you will be provided with a written report of the details and photos of the home. You can use this report, along with your realtor, to decide whether to make the purchase.

7.       Not understanding closing costs- there are costs from nearly everyone in the real estate transaction. You’ll see costs from the mortgage company, the title company, taxes, escrow, and more. These can add up fairly quickly. It’s extremely important to review the HUD-1 statement and mortgage documents with your Buyer Agent before closing to ensure understanding and accuracy of all costs.

 

These simple, yet common mistakes can affect the home buying process and experience you receive. These reasons are why it’s essential to use an experienced Real Estate Agent. Working with one of our St. George Realtors, you will be assisted through the whole process. We can help identify potential problems and mistakes. We will ensure your experience will be positive throughout the entire transaction. 

 

If you have any questions regarding real estate in Southern Utah, St. George Utah, Ivins Utah, Santa Clara Utah, Hurricane Utah or Washington Utah, please feel free to call us at 435-862-3303 or e-mail us @ HotHomesofSTG@aol.com


 Admin Login Real Estate Web Site by AgentWebHelp.com