Tuesday, October 25, 2011

Avoid These Mistakes When Buying a Deep Creek Lake Home!

Buying a Deep Creek Lake home, whether as a permanent residence or vacation getaway is an exciting time!  If you’ve taken the time to visit Deep Creek Lake, it probably didn’t take you long to see why so many buy homes on this beautiful Maryland lake each year.
Here at Coldwell Banker Deep Creek Realty, we are always excited to meet those who are interested in finding their ideal Deep Creek Lake home and go above and beyond to ensure they’re settled into their new home as quickly as possible.  However, we also know that it can be really easy to get swept up in the excitement of it all and, if buyers aren’t careful, mistakes can be made along the way.
The Deep Creek Lake home buying process can run smoothly, and finding a trusted Deep Creek Lake Real Estate agent should be the first step!  If you’ve been considering buying a Deep Creek Lake home, we thought we’d highlight the top eight mistakes so that you can avoid any issues. 

Mistake #1: Waiting for the market to improve or not buying at all- No one can predict precisely where the market is going, so trying to time your Deep Creek Lake home purchase with the bottom of the market is risky. All the time you spend procrastinating on purchasing a home, you could be building equity, getting tax deductions and enjoying the many other benefits of homeownership!
Mistake #2: Making an offer without contingencies- Having a back-out plan is a must for smart home buying. If the home has an irresolvable flaw, it doesn't appraise for the purchase price, or your lender refuses to fund your loan, having contingencies on your contract gives you the right to cancel the transaction.
Mistake #3: Not reading the fine print- It’s smart to have your Deep Creek Lake Real Estate agent review all your paperwork and discuss it with you so you don’t get caught off guard at closing. There are a few documents and items that are truly critical, and you can request a copy of these in advance. This gives you time to review them and ask questions before closing.
Mistake #4: Forgoing a home inspection- Even if a home appears to be in perfect condition, it's a mistake to assume that it's actually problem-free. Even brand new homes can have defects, so getting a professional inspection before making the commitment to buy is crucial. Be sure to attend the inspection so the inspector can explain any issues.
Mistake #5: Falling for love at first sight- If you don't shop around the Deep Creek Lake Real Estate market and see what else is out there, you could miss out on a good deal or potentially regret your purchase. While you don't need to visit every home in the neighborhood, you should compare at least three homes before you make a decision to ensure that you're getting the right house at the right price.
Mistake #6: Buying a house you can't afford- It seems that our nation is learning its lesson in spending more than you can afford, and it’s no different in your Deep Creek Lake permanent residence or vacation home purchase. Just because you get approved for an larger loan than you expected; doesn’t mean you should buy a home at that price. Be wise in thinking through what you can actually afford and factor in any repairs or updates you plan on making in the property.
Mistake #7: Thinking short-term- The Deep Creek Lake home you buy should be a place that feels like home to you and your family, but it's important to remember that it's also a huge investment. When shopping for a home, it pays to think about resale down the road. Search for a home that has a vast appeal, and look for features that future buyers will want, such as a great kitchen and stunning Deep Creek Lake view.
Mistake #8: Not getting pre-approved before house hunting- Before you start house hunting, narrow down your price range by getting pre-approved. Shop for a Deep Creek Lake lender or mortgage broker you can trust. The mortgage pro will review your credit, income, assets and debts, and recommend a mortgage with monthly payments that fit your budget. Not only does this let you know how much house you can afford, it also lets sellers know that you're serious about buying.
These mistakes can be easily avoided and having an experienced Deep Creek Lake Real Estate agent by your side each step of the way will help!  If you have any questions about buying a Deep Creek Lake home or are ready to begin your home search, feel free to contact us today! 
Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert

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