Friday, July 12, 2013

Avoid Homebuyer Traps

It does not matter what type of house you buy, real estate is a major investment and requires a lot of cash. For some buyers the process can be even more costly because they fall prey to costly mistakes and end up paying extra for the home they want or losing it to another buyer, or worst of all buying the wrong house. Your Ottawa real estate agent can help you avoid the different buyer traps that are set so that you can get the house of your dreams.

Blind Bidding

It is important that you study the market before you place a bid. It will help you figure out if the seller is asking the right price or not. Without proper market research you could easily bid a lot for a house or you could bid too low.

Buying the Right Home

As a buyer, it is very easy to be swept away by all the excitement and emotions of buying a new house. You might make a hasty decision and end up with a house that is either too big or small or too far from work. And by the time you realize that you made the wrong decision, it might be too late. Before you go to a real estate agent in Ottawa make a list of the things that you really need in your new home. Follow all the steps that are necessary when you buy a house before you sign on the dotted line.

Clear Ownership

Before you sign the ownership papers make sure that you are the sole owner. You do not want to deal with any tax liens, leases, easements, or undisclosed owners. Have a complete title search before you sign the papers.

Accurate Survey

Make sure that you have a copy of the updated property survey that clearly marks the boundary of your property. If the survey is not updated, you will see that there are structural changes that are not shown. Make sure that you carry out a thorough inspection of the house. By hiring a home inspector you can find the different faults that are present. Remember that the seller is also there to maximize his profit so you need to take all the necessary precautions.

Pre-Approval on Mortgage

Many buyers make the mistake of not getting a preapproved mortgage. A pre-approval on your mortgage helps you shop for a home without worrying if you can afford it or not. It is not only free, but also convenient for you and your real estate agent.

Covered Costs

You need to identify all covered costs. You will be surprised at the number of costs that will come up when you close the transaction. Talk to your real estate agent and ask them about all the hidden costs. Make sure that you see all the paper work before you close the deal.

Your Ottawa real estate agent will help you avoid all these mistakes and many more that you might make unknowingly. Contact Bennett Property Shop today and talk to the best real estate agents in the city.

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