Ulster County Home Buyer Traps
Buying an Ulster County home can be similar to walking through a minefield today if you have little experience in investing in property. There are many elements of the process that can trip buyers up, adding more time onto completion and more expense that most individuals and families alike can ill afford. If you fall into any one of the nine most common traps that buyers face then you could either pay more for the home you want, lose out on it altogether or end up buying the wrong property.
Identifying the Traps
Knowing what the traps are and how to identify them will certainly help you to avoid them so read on for a summary of the most important knowledge you could accumulate as a homeowner:
- Trap One – Blindly Bidding on a Home – Research the market to see what similar properties are going for before you actually place a bid on any home. You have to make sure that you are offering a good bid but one that is reasonable for you as well as the seller.
- Trap Two – Receiving an Unclear Title – Checking the title deed for any home that you may want to buy is important because any issues that arise later may cost you time and money. Tax liens, easements, leases and undisclosed owners are just a few of those issues that may only be discovered by examining the titles.
- Trap Three – Failing to Obtain Mortgage Pre-Approval – Pre-approval saves issues on your mortgage at a later date because it guarantees that you have the loan to be able to make an offer when you find the right home for you.
- Trap Four – Buying the Wrong Home – Make sure that the home you plan to buy checks every single box for you in terms of the wants and needs of you and your family. The size, location and state of the property are all elements that need to be examined in detail to ensure that it can provide you with the best possible solution as to where you are to live for the foreseeable future.
- Trap Five – Contract Failure – Contracts can easily fail when you are buying a home and often through no fault of your own, but you can help to avoid this. For example, a seller may not adhere to the contract by failing to make repairs. As such, you should prepare an extra list that covers agreed issues and an escrow amount to cover them just in case.
- Trap Six – Undisclosed Information – The seller of a property may not disclose every single piece of information that you will need to know before moving. They are looking to make money just as you want to save it so employing an independent inspector is an absolute must.
- Trap Seven – Poor or Inaccurate Survey – Always request a survey that is up to date to make sure that all information is correct. This especially applies as a result of any structural changes that may have occurred recently.
- Trap Eight – Rushing Through Closing – Read all contracts and information prior to signing them. Make sure that you know absolutely everything there is to know about what you are buying in advance. If you fail to do so then you will quickly find that rushing the closing could result in a complete cancellation of the contract or ending up with a liability.
- Trap Nine – Hidden Costs – Check to see whether there are extra costs hidden in the small print. Make sure that you know about all charges and such costs well in advance so you do not find a huge bill that you did not expect on your new doorstep.