8 Tips To Think About Before Closing the Deal

by Gary and Lisa Schoeffler on February 2, 2015

in Latest News

So you’ve finally decided to take the big step and move to a new home, get a mortgage and getting ready to start your new adventure. So long, world of renting! The thrill of it all has probably made you all jittery with excitement: do we want a game room, or a library? Should we start buying new stuff for the house? How many cars can I fit in the garage?! Well pump the brakes, there are many things you should get in order before you start your home loan and many things you may already be doing that are detrimental to the process. Let’s go over some do’s and some don’ts, before you close the deal.

1. Confide in a Real Estate Professional
Real estate professionals are representing your best interests and have a fiduciary responsibility to do so. They handle a multitude of transactions and personality mixes, there’s little they haven’t heard before. So just tell them know everything, even if you get cold feet and have thoughts about backing out of the transaction. Your real estate professional will always be there for you. They will help walk you through any anxieties you may have and will help you to determine if you really need to cancel.

2. Research Neighborhoods
Finding the perfect neighborhood is very important. Have some fun and investigate some neighborhood in your area. Once you find some neighborhoods figure out which ones fit your description and needs.

3. Buy Based on Needs, not Wants.
The average Americas lives in the same home for about 9 years, so it’s crucial that you think about your long-term needs when buying a home. A 2-bedroom house with a gourmet kitchen may dazzle you today, but will you still be enamored down the road when your family starts to grow? Make a list of your needs and stick to it to avoid buyer’s remorse down the road.

4. Look at Several Houses Before You buy
Buying the first house you look at it is kind of like marrying the first person you go on a date with — not necessarily a good idea. If you buy a home without comparing it to other listings in the area, you’re likely to overpay or miss out on a great nearby home. Walk through at least three homes before you choose. If you still love the first one you saw, make an offer!

5. Don’t Buy a House For Its Decor.
Look past a home’s decor and make sure the space will accommodate your lifestyle and furnishings. Are the spaces functional and efficient for your daily routine? You might love how a seller has transformed an extra bedroom into a crafting space, but will it be big enough for your twins’ bunk beds? Focus on the floor plan and the square footage to decide if a home is right for you.

6. Invest in a Professional Inspection.
Sellers don’t always disclose the whole truth to potential buyers, or they might have done a band-aid job to cover up issues until the deal closes. The average home buyer takes 15 minutes or less to choose a home, but many potential problems, like plumbing and wiring trouble, might not be visible to the naked eye.Home inspectors can look beyond the fresh coat of paint to find costly underlying problems. Splurge on an experience professional — it will save you time, money and house-induced heartache later on.

7. Don’t Over-extending Yourself Financially
Keep up with the Joneses, but don’t outdo them. You won’t get the same return on investment with the biggest house on the block, and you might have trouble selling later on.

8. Making significant financial changes prior to closing
Another common home buying mistake is to make some sort of financial change before closing. The approval for your mortgage is based on the financial information that you provided to the lender. Buying a new car, changing jobs, or even adding to your credit card debt can affect your ability to qualify for the loan that you need. Avoid making any big purchases or job changes until after you close on your home.

So remember… make sure to research before you close the deal and you will feel better knowing you made the right choice!

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Post by Gary and Lisa Schoeffler

Gary and Lisa Schoeffler are Ventura Real Estate Professionals specializing in residential real estate. Their expertise in helping both buyers and sellers is widely recognized in Ventura County. How can they assist you today? Wondering what the market is like? Call them, they will be happy to talk with you about it. 805-320-4472

Gary and Lisa has written 371 articles.

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