Thursday, June 16, 2011

Avoid These Mistakes when Buying a Home in Lexington!

There are a lot of great reasons to buy a home in Lexington MA! The national housing market has been leaning towards buyers since home prices are the lowest they’ve been in years and rates are at an all-time low as well. Perhaps you’ve begun your search for a Lexington home and are excited by all of the beautiful properties currently on the market. If you are relocating to Lexington; you’ve probably taken the time to research schools, shops, restaurants and other local attractions which have confirmed in your mind that Lexington is the place you want to settle down.

However, no matter where you decide to buy your next home; there are a few things to keep in mind before getting too far into the buying process that will help you avoid costly mistakes. The housing market can be overwhelming at first, but if you’re armed with these tips; you’ll be sure to navigate through the Lexington Real Estate market with ease!

Mistake #1: Waiting for the market to improve or not buying at all- No one can predict precisely where the market is going, so trying to time your Lexington home purchase with the bottom of the market is risky. 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 homeownership!

Mistake #2: Making an offer without contingencies- Having a back-out plan is a must for smart home buying. If the home has an irresolvable flaw, 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.

Mistake #3: Not reading the fine print- It’s smart to have your Lexington Real Estate agent review all your paperwork and discuss it with you so you don’t get caught off guard at closing. There are a few documents and items that are truly critical, and you can request a copy of these in advance. This gives you time to review them and ask questions before closing.

Mistake #4: Forgoing a home inspection- Even if a home appears to be in perfect condition, it's a mistake to assume that it's actually problem-free. Even brand new homes can have defects, so getting a professional inspection before making the commitment to buy is crucial. Be sure to attend the inspection so the inspector can explain any issues.

Mistake #5: Falling for love at first sight- If you don't shop around the Lexington Real Estate market and see what else is out there, you could miss out on a good deal or potentially regret your purchase. While you don't need to visit every home in the neighborhood, you should compare at least three homes before you make a decision to ensure that you're getting the right house at the right price.

Mistake #6: Buying a house you can't afford- It seems that our nation is learning its lesson in spending more than you can afford, and it’s no different in your Lexington home purchase. Just because you get approved for an larger loan than you expected; doesn’t mean you should buy a home at that price. Be wise in thinking through what you can actually afford and factor in any repairs or updates you plan on making in the home.

Mistake #7: Thinking short-term- The Lexington house you purchase should be a place that feels like home to you and your family, but it's important to remember that it's also a huge investment. When shopping for a home, it pays to think about resale down the road. Search for homes in sought-after neighborhoods, and look for features that future buyers will want, such as a great kitchen and lots of storage space.

Mistake #8: Not getting pre-approved before house hunting- Before you start house hunting, narrow down your price range by getting pre-approved. Shop for a Lexington lender or mortgage broker you can trust. The mortgage pro will review your credit, income, assets and debts, and recommend a mortgage with monthly payments that fit your budget. Not only does this let you know how much house you can afford, it also lets sellers know that you're serious about buying.

I have enjoyed living in Lexington for years and my goal is to help others find that same sense of “home” that I’ve found! I hope these tips are helpful to you and, as always, please let me know if you have any questions or if you need a Lexington Real Estate agent! I’d love to show you around Lexington and the homes that are currently on the market. Feel free to contact me today!

Theresa D'Antuono

Lexington MA Real Estate Agent
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