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How to Avoid Nine Costly Home Buying Mistakes
Let's face it, buying a home is a major expense. But why make it more expensive than necessary? Play the buying game right and you can cut costs AND buy the house that's best for you. Watch out for these nine common, but costly pitfalls.
The wrong house
One costly mistake is choosing the wrong house: maybe one too big or too small for future needs, a fixer-upper if you're not handy, a house too far from work or too close to traffic, one likely to need extensive fixing up, or a home in the wrong price range. Avoid this number one trap by working with an agent; discover how much mortgage you can handle, how much you can afford for maintenance, utilities and everyday life after moving in.
Bidding blind
Some buyers offer a price above the true market value of the property or fail to bid on a great value because they don't know the market. Don't try to go it alone. Avoid overpaying or underbidding on the house you choose. And remember, it's the realtors job to help you get the best loan possible.
Title trouble traps
A title search may reveal encumbrances on the property title like tax liens, easements, leases, or an undisclosed co-owner. Avoid this trap by having the title search done early, if possible, and by buying owner's title insurance to protect your investment in case a problem surfaces later.
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Copyright ©2007 Peter Kunz. All rights reserved. |
Royal LePage Partners Realty is an independently owned and operated brokerage. |
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