Part 2: Buyers Need to BEWARE of the Following:
6. Not thinking about your needs in the long term. Will you need to be in a certain school district when your children get older, are you buying the house and expect to retire here, WITH STEPS? Although we don’t know what our lives will be like in 5-10 years, we need to plan ahead for the way we want it to be.
7. Not doing your own due-diligence. What does that mean? You should make a list of all the things that are important to you about your new home. List your concerens. What issues are there with the crime rate, schools, power lines, neighbors, environmental issues, traffic, noise. If it bothers you now, it will probably bother you forever. Be diligent and have confidence in the home you are buying. Your happiness is the most important part of this home.
8. Not having a home inspection and thinking the money is not necessary for this. This is a good way to cost you more money in the future. You should be aware of any defects in the home before you move in. A qualified home inspector charges a couple hundred dollars for a job that will possibly save you thousands. Granted, inspectors might not find every issue, but they are trained and can find most the average person would overlook.
9. Not understanding your insurance policy. Lenders require homeowners insurance to close a property, but do you understand what you are buying or do you just go for the cheapest. Now is the time to sit down with your insurance agent and really understand what you are buying. Many people did not have flood insurance during the recent rains in Atlanta. Why should they, they were not in a flood zone. Again, understand why you might need certain coverage and don’t be penny wise and pound foolish.
10.Not purchasing a homeowners protection policy. Many times your agent can ask the seller to pay for this for you and it will be very beneficial. Negotiate.
