How to Avoid Costly Mistakes Made by Many First-time Charlotte Home Buyers
Buying your first Charlotte home is exciting, but it can also be expensive, especially if you’re unaware of the mistakes frequently made by many first-time home buyers. Here are a few common mistakes which many first-time home buyers make and how to avoid them:
Driving the home buying road alone: Buying a Charlotte home involves a lot of small (and big) details, many of which even an experienced buyer is unaware. Additionally, buying a home is one of the most expensive purchases you’ll most likely ever make. What does this mean? You NEED a professional on your side.
Hiring your relative: Although your cousin (or cousin’s best friend) may be a real estate agent, it doesn’t mean that they are the right agent for you. Do your homework. Interview at least three buyer’s agents to find the perfect agent who meets all of your criteria. If your cousin meets all your criteria, then hire him or her but, only after you’ve done ALL of your homework.
Working with the listing/seller’s agent: One of the most costly mistakes that a home buyer can make when buying a Charlotte home is working directly with the agent who is selling the home that you wish to buy. They are not looking out for your best interests no matter how they spin it. They are looking out for the best interests of their seller; they have an established relationship with that seller--they could even be their cousin. Instead, hire your own buyer’s agent.
Assuming your lender is giving you the best deal: Lenders are not required to give you the very best terms. It’s your responsibility to shop for a mortgage the same way you shop for anything you buy. Consider this: You’re not just buying a home; you’re buying a very expensive financial product -- a mortgage loan. Getting the best mortgage terms can save you thousands of dollars. Insist on the best mortgage terms, or find a new lender who’s willing to give them to you. Your real estate agent can recommend the best lenders to suit your mortgage needs.
Making an unappealing offer: Yes, this is most definitely a buyer’s market, but that doesn’t mean sellers automatically accept any offer that comes their way. Make your offer impossible to resist by offering the highest price you can, making the largest down payment possible, getting pre-approved for a mortgage and attaching a copy of the pre-approval letter to your offer.
Forgetting about resale potential: Statistics show that the average first-time home buyer only stays in a home for four years. That means you need to consider the home’s resale potential now, before buying it. You may love the hustle and bustle of life on a busy street, but the majority of buyers do not. You may only need 1 bathroom, but the average buyer wants 2 or more bathrooms.
If you have any questions about buying your first Charlotte home, or avoiding the mistakes many first-time homebuyers make, give us a call or email us today!
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Debe Maxwell, CRS, Realtor®/Broker
The Maxwell House Group
1920 E. 7th Street
Charlotte, NC 28204
Mobile: (704) 491-3310
Fax: (704) 353-7014
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Debe Maxwell, Realtor®/Broker/CRS
Direct: (704) 491-3310
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