If you thought buyers only had three common misconceptions, you’re in for a treat. At BARAK, we’ve seen buyers often fall into similar traps and remain dedicated to facilitating the buying process and that starts with education. Here are some additional tips to stay ahead of the curve.
Misconception #4 – Thinking you can get a better price by not working with a broker.
Not knowing the facts will actually cost you money. For example, you can think you got a good deal by negotiating on your own but later find out that a similar apartment went into contract for a lower price. Signed contracts are not public information and take months to show up in systems where you could easily find them.
Also, sellers pay the same commission whether you are represented by a broker or not- it's better having someone on your side to negotiate for you! That is what we do for a living.
Misconception #5 - Not Knowing All the Costs Involved
Often times, prospective buyers aren’t aware of closing costs. Especially with condos and new developments, closing costs can become substantial; so it becomes a good practice to inquire about them before the final stages. Your mortgage professional will provide you the exact costs later in the process, but can it hurt to plan ahead?
Misconception #6 – Failing to Consider Your Long-Term Needs
After you’ve calculated your monthly costs and debt-to-income ratio and it’s clear you can afford the home, it’s time to ask a few questions.
Will I be a parent in five years? Are college expenses on the way? Where do I see my career heading?
Keeping this advice in mind will allow you to stay objective and level-headed when buying a home. Purchasing a property can be an emotional undertaking but the right education can go a long way!
We’ll see you home.
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