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Joe Kendall's Blog

By Joe Kendall | Broker in Fort Myers, FL

Top 5 Home Buying Mistakes in Southwest Florida

Southwest Florida * Home Buying Mistakes * Buyers Agent Advice. 



Fort Myers Home Buyer Mistake  #1 Waiting for the real estate market to release more foreclosures.
No one can predict the future but with the southwest Florida real estate market homes values are up over 20% this year, why would think the home prices would be falling  again? If you're financially and emotionally ready to be a homeowner, it's always a good time to buy! Think about all the time you spend procrastinating on purchasing a home, you could be building equity, getting tax deductions and enjoying the many other benefits of home ownership!
 
Cape Coral Home Buyer Mistake #2: Making an offer without contingencies.
Having a back-out plan is a must for smart home buying period! If the home has a serious problem, or it doesn't appraise for the purchase price, or your lender refuses to fund your loan, having contingencies on your contract gives you the right to cancel the transaction. Think about it this for a moment, would you spend $100.00 in a retail store that doesn't have a 30-day return policy? Then I am sure you wouldn't want to put a couple thousand of dollars on the line without the right to walk away and receive your earnest money deposit back.
 
Lehigh Acres Florida Home Buyer Mistake #3: Forgoing a home inspection ! 
Even if a home looks to be in great condition, it's a mistake to assume that it's actually problem-free. All homes have defects, including brand new homes!  A professional inspection before making the commitment to buy is just the right think to do. It's always best for you the home buyer to attend  the inspection, this way you receive a education on the condition and  the life span of all the major components of the home, so know current costs for repairs and future costs so you can also plan for the future. Yes, this is also a big part of home ownership.

Southwest Florida First Time Investors Mistake #4: Buying a foreclosure or fixer-upper without doing your homework. Some first time investors are so set on finding a bargain, they overlook the fact that buying a home that needs repairs can be a stressful and expensive endeavor. Before buying a fixer-upper, get estimates on any necessary repairs and renovations and make sure they will pay for themselves in increased property value. The foreclosure market is also full of opportunities, but it's important to be aware of the potential pitfalls before buying a foreclosed property, if you do not have items including material and labor priced out ahead of time.
 
 

First Time Home Buyer Cape Coral Mistake #5: Not getting pre-approved before house hunting Why get your hopes up looking at $300,000 homes, when you can really only afford a $150,000 home? Before you start house hunting, narrow down your price range by getting pre-approved. Shop for a lender or mortgage banker you can trust. (ask me for a referral to a a couple good ones ) The mortgage professional  will review your credit, income, assets and debts, and recommend a mortgage with monthly payments that fit your budget. The result is a good faith estimate, a document that spells out the likely terms of your loan, including the interest rate and closing costs. Not only does this let you know how much house you can afford, it also lets sellers and your Realtor who is going to invest their time, experience and knoledge in supporting your efforts, know that you're serious about buying a home .
 

Southwest Florida Real Estate Blog!

Joe Kendall, Broker Associate & Author 

Right Choice Realty 

Phone 239-560-0726

Email joek4realestate@aol.com

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