It still is the American Dream – owning your own home. However, do you know what it takes to own a home? It may become a nightmare, if these aren’t taken into consideration when planning your home purchase in the Northern Utah area …
Rushing to buy NOW
Hurry – Hurry – Hurry – Rushing to get into the home, cutting corners, extending credit limits and not taking the time to know what exactly they are getting into. Patience and knowledge are extremely important to the home buying process. Especially if you’re a first-time homebuyer.
The cost of owning a home
Owning a home does not only include PITI (Principal, interest, taxes, insurance) and you will no longer have a landlord who takes care of the water heater or broken windows. It’s ALL on your shoulders now and it can get costly. Buying a fixer upper or a foreclosure for a FANTASTICALLY low price, may become a money pit with FANTASTICALLY high repair costs – especially when you aren’t a fixer upper. Think of the condition of the home you’re purchasing and how it compares to what you can afford to fix. A newer home may be the answer or a home in an association. Either way, make sure you set money away for future home expenditures, maintenance and repairs.
A Foreclosed Home
A home that has gone through foreclosure may sound like a good deal, too. HOWEVER, a home that has gone through the foreclosure process generally has been empty and unkempt for many many years. It may have been stripped by its previous owners or vandalized. Bank-owned properties do not need to disclose anything about a property and even a home inspection may not uncover all its problems. A foreclosed home may be an option, but just make sure to find out as much about the property before all those problems become your problems.
Not having Inspections
Having an entire home inspection with radon and pest may cost a lot, but inspections may uncover something you are not willing to accept in a home. Whether the seller knows of a defect or dangerous condition in the property, an inspector will let you know before that defect or dangerous condition becomes YOURS.
Remember, once the paperwork is signed at closing – EVERYTHING (and I mean EVERYTHING) becomes yours. It is SO important to make sure you know everything about the home and your finances to make sure this is YOUR American Dream and not your nightmare.
Real Estate Agents not only help you find the right home for you, they can help you find the right lender for your needs. The Spring Bengtzen Real Estate Group are a team of local experts who are ready to guide you through the home-buying process. We are committed to fast, professional and courteous service to help you understand and feel at ease throughout the home buying process. Our trained and licensed agents specialize in theNorthern Utah area real estate market and are prepared to find the right home and get the best price.