Philadelphia Real Estate Mistakes To Avoid
By Larry Flick, Prudential Fox & Roach, Realtors
Top 5 Home Buying Mistakes To Avoid
Whether you’re a first-time home buyer or a veteran, buying a home is a complex process and can be intimidating. To make this process less stressful, here are a few helpful tips from your Prudential Fox & Roach agent on 5 common home buying mistakes to avoid when purchasing a home.
Not thinking about the “resell value” – Many people think short-term when they purchase a home instead of looking at it as a financial investment. Remember to keep in mind that you will most likely sell this house at one point. When walking through, think about what other people may want when you potentially sell this house. Though you might not mind small closet space or sharing bathrooms, what would other people want with this house? Overall, while thinking about details that you would like in a home, don’t forget to think long-term and how great of a potential investment the house is.
Falling in love – Purchasing the first home you love may turn into a big break up. It is always a good idea to shop around, looking at the least three additional homes before making a decision. This will give you the chance to see the neighborhood and not miss out on a great deal because you didn’t look enough. For more information on why you should shop around for a home, please click here.
Not researching the neighborhood – Before shopping for a home, make sure to look at a variety of different neighborhoods. Even if you don’t have children, homes with good school systems have higher value. Figure out how long the commute is to work, what the downtown and shopping is like, if you are comfortable with the area at night or if there are parks nearby. Living in a good community will only raise your property value, while assuming a good house means a good community without doing proper research can drag down your house value. To get started, visit the Prudential Fox & Roach home search.
Forgetting about the details – Though you may have a great real estate attorney to discuss details with, it is important that you yourself do your homework and read over the paperwork. Ask for a copy of the agreements and make sure to look them over before signing. Reading over every page may be overwhelming, but it is important to know what to look for. Learn what to look for in your closing papers by clicking here.
Skipping the home inspection – This is one of the most important steps in purchasing a home. Though a home may “seem fine”, you cannot be positive without a home inspection. Professional inspectors will look at the property to see any past, current, or possible future damage. By having an inspection you avoid large repair costs once the purchase is finalized. Also, you may be able to get out of a contract due to an unsatisfying inspection report.
Want to know the most recent housing information in your area? Check out the Prudential Fox & Roach HomExpert Market Report. The HomExpert Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the 12 County Greater Philadelphia area.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106