Top five mistakes when buying Naples real estate

Top five mistakes when buying Naples real estate

"For sale." When it comes to real estate, those two words can send pulses racing and throw logic out the window. Home buying is an emotional process, but it's important to remember that buying Naples real estate for sale is a business transaction. Here are five common mistakes to avoid:

Not getting pre-qualified and pre-approved. Before you start your home shopping, you'll have a better sense of how much you can afford to borrow if you get pre-qualified. When you're pre-approved, a lender has checked your credit history, verified your employment and has agreed to finance a certain amount. Armed with this information, you'll know exactly what you can afford, and it will help narrow down your search for Naples real estate for sale.

Counting on resale. Before you buy the highest price home in the neighborhood, remember that the resale value depends on many factors, some of which are out of your control. Markets change, neighborhoods can fall into decline or suddenly become "hot." Don't buy solely based on what you're calculating the resale value to be in 2 to 5 years. You may not be able to flip it for much more than your original purchase price.

Not getting it in writing. Don't rely on verbal promises and a handshake. A real estate transaction is a contract, and written agreements are essential. While the seller may say the appliances are included, that refrigerator and range might not be there when you move in, if you don't get it in writing.

I don't need an inspection. Whether it's a brand new home or an existing home, a home inspection can be the most important part of buying Naples real estate for sale. This is your chance to learn everything about the house, and any concerns the home inspector might have. The home inspection can also be a powerful negotiating tool, should you learn that there are major repairs to be made.

Skip the fine print. Yep, it's a lot of paperwork. But you must take the time to understand what you're signing. Before the closing, you should review all your mortgage papers with your real estate attorney to make sure there are no surprises.

For more information about Naples real estate for sale, visit lely-resort.net

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