Well, you are almost at the end of the road when it comes to buying your first home. You have done all your preparation work, found the right mortgage, spent countless hours looking at a variety of different real estate, and you are now ready to make an offer on one that met your criteria. This is an exhilarating moment for many first time homebuyers, but don't start the celebrations just yet. Remember, at this point in the process you are truly about to make a significant financial commitment, and it is important to keep a clear head before you actually sign. Here are a few things to consider.
Do you have a back- up plan? If there is one thing that the current economy has taught us, it is that nothing is certain. Be as sure as you can be about your job situation and that of your spouse, and your plans for the future. If you find yourself out of work, will you still be able to make those mortgage payments you are committing to? Or will that dream home become a stressful ball and chain? If you want to discuss options on how you might get a mortgage, speak to Cannect.
Is the property information correct? Ownership contracts are legally binding, and the legal system calls for perfection. You need to make sure all the information recorded on the contract is correct, from the square footage of the home plans to the plot information.
Subject clauses. A lot of us like the idea of buying a home that needs a bit of fixing up, it means some money shaved off the price. However, if you know there are repairs that need to be done before you buy that home, make sure to add that to the subjects. In other words, the sale is subject to the repairs being completed, otherwise there is no sale at all.
What stays, and what goes? Don't assume that the seller will just leave the refrigerator, the stove, and so on. If you expect these to be a part of the agreement and price, you must have it down in the contract. Remember that nothing can be assumed and you'd hate to have to get a fridge up to one of those lofts on the eighth floor if you weren't expecting to!
Before you sign, always go over the contract with a real estate professional, whether you're buying in Mexico or Georgetown. Remember, the only stupid questions are the ones left unasked, so don't leave anything to chance at this point.