You’ve heard the reports of the current Lake Nacimiento Real Estate market being ideal for home buyers. If you’re hoping to buy a home soon on Lake Nacimiento to get in on the low mortgage and interest rates, as well as record low prices; there are a few things you’ll want to keep in mind before starting! Jumping into the current real estate market can feel like a whirlwind if you’re not aware of what to expect, and there are some mistakes that can easily be avoided.
1. Not getting pre-approved before house hunting– Before you start house hunting, narrow down your price range by getting pre-approved. Shop for a Lake Nacimiento 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.
2. 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 Oak Shores or Heritage Ranch purchase. Just because you get approved for a larger loan than 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 Lake Nacimiento home.
3. Not reading the fine print– It’s smart to have your Lake Nacimiento Real Estate 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.
4. 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 Oak Shores or Heritage Ranch purchase with the bottom of the market is risky. All the time you spend procrastinating on purchasing a Lake Nacimiento home, you could be building equity, getting tax deductions and enjoying the many other benefits of homeownership!
5. 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.
6. Falling for love at first sight– There are many beautiful homes in Oak Shores or Heritage Ranch from which to choose. However, if you don’t shop around the Lake Nacimiento 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 on Lake Nacimiento, 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.
7. Thinking short-term– The Lake Nacimiento home 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 like Oak Shores or Heritage Ranch, and look for features that future buyers will want, such as a great kitchen and lots of storage space.
8. 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.
If you have any questions regarding these common mistakes and how to avoid them, please let me know! I’ve been a Lake Nacimiento Real Estate agent for years and can help you easily navigate the market! Finding an Oak Shores or Heritage Ranch home that fits your needs and style is my goal; feel free to contact me today to get started!
Your Oak Shores Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!