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 home that’s best for you. Watch out for these nine common, but costly, pitfalls:
1. THE WRONG HOME
One costly mistake is choosing the wrong home: maybe one too big or too small for future needs, or a fixer-upper if you’re not handy, a home too far from work or too close to traffic, one likely to need extensive fixing up, or a home in the wrong price range?
2. BIDDING BLIND
Some buyers offer a contract above the true marker value of the property or fail to bid on a great value because they don’t know the market. Don’t try to do it alone. Ask us for comparative analysis to avoid overpaying or underbidding on the home you choose.
3. TITLE TRAPS
A title search may reveal encumbrances on the property 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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