Friday, October 30, 2009

Some home Buying Mistakes

Be careful not to make the following 7 most common mistakes out of haste to purchase a new home:
1. Choosing the wrong realtor.
A realtor with experience and many closed transactions will obviously cost you much less, in the long run, than someone who is inexperienced. Fortunately, as a buyer of a Las Vegas condo in real estate you won’t pay a real estate commission directly to your agent, this is typically taken care of by the seller out of his proceeds at the closing, thus contributing to your savings. Remember that a top realtor’s business flourishes on repeat clientele and referrals because they have proven they know how to select a great home for their buyers and negotiate the best price and terms. View your real estate agent as your financial advisor for what may be the largest single transaction in your life.
2. Choosing a poor location.
While you can personally change your home’s d├ęcor and some structural features, nothing can ever change its location. Purchasing a Las Vegas condominium home in a poor location guarantees minimal, if any, appreciation and it will be hard to sell in the future. Therefore be mindful of the surrounding environment in which you buy.
3. Not having a home inspection of your Las Vegas condominium.
Before closing in on the deal, hiring a home inspector can literally save you thousands of dollars. They will check structural, mechanical, electrical, plumbing and heating and air conditioning systems for defects that even the homeowner may not even be aware. They will help prevent you from purchasing a Las Vegas condominium home with a major defect or one which requires corrective maintenance.
4. Choosing the wrong lender or wrong loan program.
This can lead to a major loss in money. For example, if you know you are going to be in your Las Vegas condominium home for only a few years, why pay all your closing fees up front? Often you can save thousands by raising the interest rate you pay by half a percent. Your monthly payment may be higher but you may save $2,500 overall. A good lender will take the time to find out what works best for you .It is always better to have your own agent in any real estate transaction. A good agent will be able to save you money on loan fees and upgrade options. Always go by the lender's guidelines when deciding how much you can afford. If you stretch too much you may find yourself in a financial bind forcing you to sell your home. A forced sale almost always guarantees a loss so make sure the Las Vegas condominium home you purchase is the best one you can find within your budget.

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