4 Top Homebuyer Mistakes to Avoid
When it comes to home buying, mistakes can be costly.
I have asked some of the top names in the Jamaican Real Estate Industry for their advice on the mistakes to avoid.
Read the top 4 mistakes below and take note.
1. Do not share professional services with the vendor!
The gravest mistake Home Buyers frequently make is to engage the services of the same professionals used by the vendor. This practice does not necessarily cut costs but on the contrary often lead to some horror stories and should be avoided at all times.
The purchaser should always obtain the services of an independent Attorney-At- Law and other professionals to avoid conflict of interest. Never pay over any money directly to the vendor or his agent.
Make all payments through your Attorney and ensure that you are given a statement when the transaction is completed to ascertain that all payments have been accounted for. This will avoid nightmares and save you money in the final analysis. In other words don’t be penny wise and pound foolish.
Thanks to: Terrence V. (T.V.) Allen of TV Allen Properties.
2. Don’t Let the Little Things Turn You Off
Don’t let the little things turn you off when viewing a house. Not all homes are in “showable” condition. Look beyond the badly kept garden, the overcrowded closets or the old, peeling paint to find what could be a diamond-in-the-rough and your next dream home.
Thanks to: Gina Harrison of Coldwell Banker Jamaica Realty.
3. Remember that the agreed Sale Price is not the final price to the buyer!
You have to add Closing costs including Mortgage registration costs(say 3%) to determine the full amount required to complete the purchase. Also remember to add another 3% to Purchasers’ Costs for mortgate costs, as most Sales are usually subject to Mortgage.
Thanks to: Anthony Harris of Access Property Investments Limited.
4. Get a Valuation Report
Procure a Valuation Report before signing Agreement for Sale.
Thanks to: Edwin Wint of La Maison Property Services.