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Heather Thram
Rick Thram
Christina Meyer

Wednesday, April 6, 2016

Common Buyer Mistakes to Avoid in Prior Lake


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I often get asked, “What are the biggest mistakes a buyer can make?” Many buyers want to buy based off a certain price point, which might sound reasonable. However, if you are determined to stick to your $175,000 budget, there are some issues that come with committing to that mindset.

By pigeonholing yourself into a certain price, you may wind up getting into a property that’s not going to serve you well in the long run. In fact, you may wind up selling the home sooner than you expected. More importantly, if you are looking at homes in that price range that have deferred maintenance items, you will never have enough liquid capital to take care of those items within the first three to five years of owning the home.

For example, let’s say you’re determined to stick to that $175,000 budget and you buy a home that needs a new furnace or air conditioner. It would make more sense to buy a $185,000 home with a brand new air conditioner or furnace. Replacing the furnace or AC might cost $10,000 out of pocket, so it’s much easier to buy a home that is slightly higher in price and work that money into the mortgage.
 
"Our buyer’s specialists will help you 
make the best decision."


Why? You would pay an extra $45 a month for the $185,000  home with the better AC unit. If you pay out of pocket or decided to save $10,000, consider how long that would take in $45 increments. It would take many months to recoup that money.

Our team of buyer’s specialists really focus on educating our buyers so they can make the very best choice. Our buyer’s specialist will point out the realities of any deferred maintenance issues rather than trying to sell you a home that won’t work for you but is in your price range.

If you have any questions about today’s video, give us a call or send us an email. We would be happy to help you!

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