Research, research and research… this is the only thing you need to focus on when you are thinking about buying a home for sale in Oakland County, Michigan. There are many pitfalls that buyers are not aware of. Not only do these pitfalls waste your time and energy you put into the process but also put you under mounds of debt.
Of course, with a real estate agent by your side, you can go through this process a little stress-free but at the end, you need to understand the responsibilities of becoming a homeowner. Don’t get caught up in the moment and make a hasty decision. Sooner or later, you will regret your decision because you forgot to factor in a lot of expenses.
So, to help you navigate this process without any mistakes, we bring you the five deadly pitfalls of home buying:
Pitfalls #1
Forgetting the Pre-Approval Letter
The reason why a mortgage pre-approval letter is necessary is because it shows the seller that you are a serious buyer. With this paper in your back pocket, you can freely look at the homes for sale in Oakland County, Michigan and make an offer on the spot. This also keeps you at the front in the competition.
Pitfalls #2
Not Planning for the Future
Is your job stable?
Are you expecting a raise or a promotion?
Do you plan on starting a family?
Where do you see yourself three years from now?
The answer to these questions will help you decide what type of house you need to buy. Selling the house after three years because you are in a relationship will put your investment down the drain. So, think carefully before making the final decision.
Pitfalls #3
Letting go of the Home Inspection
A home inspection costs somewhere between from $200 to $400. Letting go of the inspection can cost you thousands of dollars. There are dozens of repairs that you might not be able to spot. This is why it is necessary to hire a trained inspector.
Pitfalls #4
Not Factoring the Market Value
The value of the house appreciates over time and if you are lucky, you might even build some equity. So, do your research on the market and ask your real estate agent to compare it with the comps. This way, you will be able to find out whether you are buying an underpriced, overpriced or fair priced house.
Pitfalls #5
Not Calculating the Other Costs Involved in the Process
The loan you get covers the monthly payments, down payment, and closing costs. There are many other costs involved such as the prepaid amount, legalization of documents, moving cost, home inspection fees, escrow, transfer of documents and more. Make sure that you have enough savings to cover these costs.
Going through this process without a real estate agent will cost you more because you don’t have the right connections. Now that you know the deadly pitfalls awaiting you, proceed wisely.
If you want to get the home for sale in Oakland County, Michigan appraised, then head on over to Homes2MoveYou. Get in touch with a real estate agent and start seeing houses in areas of your liking.