Thursday, October 29, 2015

8 Mistakes to Avoid When Buying a Home

You’ve been saving for awhile, weighing your options, looking around casually. Now
you’ve finally decided to do it—you’re ready to buy a house. The process of buying a
new home can be incredibly exciting, yet stressful, all at once. Where do you start?
It is essential you do your homework before you begin. Learn from the experiences of
others, do some research. Of course, with so many details involved, slip-ups are
inevitable. But be careful: learning from your mistakes may prove costly. Use the
following list of pitfalls as a guide to help you avoid the most common mistakes.
1. Searching for houses without getting pre-approved by a lender:
Do not mistake pre-approval by a lender with pre-qualification. Pre-qualification,
the first step toward being pre-approved, will point you in the right direction,
giving you an idea of the price range of houses you can comfortably afford. Preapproval,
however, means you become a cash buyer, making negotiations with the
seller much easier.
2. Allowing “first impressions” to overly influence your decision:
The first impression of a home has been cited as the single most influential factor
guiding many purchasers’ choice to buy. Make a conscious decision beforehand
to examine a home as objectively as you can. Don’t let the current owners’ style
or lifestyle sway your judgment. Beneath the bad décor or messy rooms, these
homes may actually suit your needs and offer you a structurally sound base with
which to work. Likewise, don’t jump at a home simply because the walls are
painted your favourite colour! Make sure you thoroughly the investigate the
structure beneath the paint before you come to any serious decisions.
3. Failing to have the home inspected before you buy:
Buying a home is a major financial decision that is often made after having spent
very little time on the property itself. A home inspection performed by a
competent company will help you enter the negotiation process with eyes wide
open, offering you added reassurance that the choice you’re making is a sound
one, or alerting you to underlying problems that could cost you significant money
in both the short and long-run. Your Realtor can suggest reputable home
inspection companies for you to consider and will ensure the appropriate clause is
entered into your contract.
4. Not knowing and understanding your rights and obligations as listed in the
Offer to Purchase:
Make it a priority to know your rights and obligations inside and out. A lack of
understanding about your obligations may, at the very least, cause friction
between yourself and the people with whom you are about to enter the contract.
Wrong assumptions, poorly written/ incomprehensible/ missing clauses, or a lack
of awareness of how the clauses apply to the purchase, could also contribute to
increased costs. These problems may even lead to a void contract. So, take the
time to go through the contract with a fine-tooth comb, making use of the
resources and knowledge offered by your Realtor and lawyer. With their
assistance, ensure you thoroughly understand every component of the contract,
and are able to fulfill your contractual obligations.
5. Making an offer based on the asking price, not the market value:
Ask your Realtor for a current Comparative Market Analysis. This will provide
you with the information necessary to gauge the market value of a home, and will
help you avoid over-paying. What have other similar homes sold for in the area
and how long were they on the market? What is the difference between their
asking and selling prices? Is the home you’re looking at under-priced, overpriced,
or fair value? The seller receives a Comparative Market Analysis before
deciding upon an asking price, so make sure you have all the same information at
your fingertips.
6. Failing to familiarize yourself with the neighbourhood before buying:
Check out the neighbourhood you’re considering, and ask around. What
amenities does the area have to offer? Are there schools, churches, parks, or
grocery stores within reach? Consider visiting schools in the area if you have
children. How will you be affected by a new commute to work? Are there
infrastructure projects in development? All of these factors will influence the way
you experience your new home, so ensure you’re well-acquainted with the
surrounding area before purchasing.
7. Not looking for home insurance until you are about to move:
If you wait until the last minute, you’ll be rushed to find an insurance policy that’s
the ideal fit for you. Make sure you give yourself enough time to shop around in
order to get the best deal.
8. Not recognizing different styles and strategies of negotiation:
Many buyers think that the way to negotiate their way to a fair price is by offering
low. However, in reality this strategy may actually result in the seller becoming
more inflexible, polarizing negotiations. Employ the knowledge and skills of an
experienced realtor. S/he will know what strategies of negotiation will prove
most effective for your particular situation.

I am the GUY that will make a difference! 

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001
http://www.connectwithkaren.com/

Friday, October 9, 2015

One for the Money, Two for the Show!: A Manual to Prepare your Home for Selling



“You never get a second chance at a first impression.” We’ve all heard this expression before. And now, while you are preparing your house to sell, it should not be far from your mind. While logical factors such as price and location narrow
the pool of houses a potential buyer will look at, the ultimate decision to buy a particular house is fuelled by a mixture of logic and emotion. And emotion often wins out. The same might be said for the process of selling a home. For this reason, Real Estate Agents, when they talk to you about buying real estate, will refer to your purchase as a “home.” When discussing the sale of your current home, however, an agent will refer to it as the “house.” This is a conscious choice. The agent knows that buying a house is often an emotional decision, while, when selling a house, emotion should be separated from the process.
Buyers are searching for a “home”—a place in which they will feel comfortable, secure, and happy, a place in which they can imagine settling down and raising their family. As a seller, your goal is to cultivate these feelings through the property you’re selling. Look at your house as a marketable commodity. A buyer’s emotional response is triggered early, so you want to ensure you have done everything you can to encourage a positive response to your house from the outset. Within minutes—even seconds—of pulling into your driveway, buyers have formed an impression that they will carry with them through the rest of the showing, and beyond. Keep in mind, this impression will not only influence whether or not they make an offer, but also what they consider to be the value of the property.
If you’ve ever visited model homes, you’re familiar with effective presentation styles.
Have you ever walked into one of these homes and immediately begun taking stock,
planning how to get your home to look that good? Well, now is the time to take some of these steps. Of course, there are ways to achieve the same effect in your own home without incurring model home costs. When homes create this immediate type of emotional appeal, they tend to sell quickly— and for more money. Use this as a  guide to get your house into selling shape before you put the property on the market, and you’ll be well on your way to a successful sale! 


I am the GUY that will make a difference! 

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001
http://www.connectwithkaren.com/

Kelowna Real Estate Agent West Kelowna Karen Guy Realtor