Home buying in Arizona is an emotional experience. It’s also time consuming and comes with a myriad of details. Some Phoenix real estate buyers, however, caught up in the excitement of buying a new home tend to overlook some items and tips. Their home purchase turns into an expensive process. These buying 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 and helpful tips before you shop for Phoenix real estate, 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 for their home for sale? Is the seller’s asking price too high? Is it a deal? Without research on the market sales and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the Phoenix real estate market. A professional realtor, can offer an unbiased opinion and tips on the value of a home, based on market conditions, condition of the home and neighborhood sales. Without knowledge of the market, your offer could be too much for your investment in real estate . Or worse, you could miss out on a great home buying opportunity.
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 in their new home. Plan ahead. Use your needs and tips list as a guideline for every home you view.
Before you sign any real estate 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 on any homes you consider.
Before the sale 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.). Tip: This is usually not necessary within an established residential area.
For $300 – $500 a professional home inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs before you complete the sale. Your real estate contract is always subject to a favorable report.
Shopping without pre-approval
It only takes a few days to get financing pre-approval. This gives you more power when you are shopping for a home in the Phoenix, Arizona area. A seller is more likely to consider an offer from a serious buyer.