Here’s the final tip in this “Buyer Mistakes” series.
Mistake #15: Not Following through to THE END
The deal has gone through and you are about to take possession. You must still be vigilant, for there are mistakes to be made even now:
1. Possession Date
Make sure you and the seller both know when you are to have vacant possession – that is, when they and their stuff are to be gone. If you think it’s 12:01 a.m. and the seller thinks it’s noon, there can be big problems.
2. Insurance
Make sure you have arranged for adequate home insurance and that it’s timed to come into effect so there is no gap between the seller’s insurance and yours.
3. Final Check
Do a thorough walk-through before you close and before you take possession to ensure that all conditions are met. Are the light fixtures all in place? Are all the appliances you agreed to buy still there?
4. Boot Them Out
Don’t let the seller stay in the property after the time of possession (close of escrow). If they decide not to leave or something is damaged, you could have little recourse except costly lawsuits.
Make sure buying a home is the right step for you at this time. If owning (i.e., mortgage or loan payments) is cheaper than renting then that’s a good indication it might be time to buy a home. Make sure a home purchase fits in with your lifestyle and financial needs, goals and obligations. Writing a rent cheque once a month and having someone else take care of the upkeep is easy. Are you ready to assume the added responsibilities of home ownership?
Consider buying a home in a more holistic context that includes your whole financial picture, instead of making the home-buying decision based on income alone. Buying a home is a BIG DEAL! You’ll spend more on a home than on any other purchase you make (usually). You do your homework before you buy a major appliance or vehicle, don’t you?
For instance, I’ll bet you carry a tattered copy of the “Lemonade Car Buyers Guide” when you go looking for a used car. And you dig out the Consumers Guide for some research before you bring home a new microwave oven or wide screen TV. Take that same determination to get the features you want at the best possible price and apply it to buying a home. Once you’ve done your homework make sure you surround yourself with professionals and then start looking for that dream home, at the dream price.
Why do I offer these tips free of charge?
I am offering these helpful tips free of charge because I want to be your mortgage advisor. I offer more than simply a loan: I’ll personally advise you on how to use and apply the principles contained in these tips. Worried that you can’t remember all of what is contained here? Call me – I want to earn your business. We currently have over 40 creative programs to fit your needs. Please contact us to set up your FREE No-Obligation consultation where we will meet to tailor a program to fit your needs and comfort levels for monthly payment and investment.
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