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Buying an Ocean Edge Condo: How to Prevent Buyers Remorse

Buying an Ocean Edge Condo: How to Prevent Buyers Remorse

We have all experienced buyers remorse at one point or another in our lives. You see something in the store, you feel like you just have to have it so you buy it. When you come down from your little shopping high purchasing this coveted item, you start analyzing your purchase. Did you really need it? Did you need to spend the amount you spent on it? What are you going to do with it? How could you have spent your money better? Why didn’t you comparative shop before making the leap? All of these questions swimming in your head could leave you feeling buyers remorse. Although it’s not a desirable feeling to get after making a purchase, at least you are typically able to return your purchase for a refund or at least store credit if you realize your purchase was a mistake. When you buy a home, you can not just return your condo if you determine that your purchase was a mistake. Avoid feeling homeowner buyers remorse and ask yourself these questions before you pull the trigger on purchasing your Ocean Edge condo.

Is It All About Winning?

When a property has many desirable features, is priced competitively and marketed well, many times a bidding war will ensue. Sometimes people get so caught up in trying to outbid the other person to “win” the home that they don’t really think about whether the home is worth it or not. They also don’t consider whether they would be able to afford the home now with that the price has gone above their original offer. It always feels good to win, but if you’re winning a home that you spent way too much money on and suddenly realize it, that feeling will definitely turn into buyers remorse. Keep a clear head if a bidding war starts. Determine what you are comfortable spending and stick with it. You might be able to pay a little more on the condo than you originally thought if the home is in good shape and you don’t need to do any major upgrades or remodeling to make it your dream home. If the condo does need some work, it might be a good idea to hold back and let this property slip by. New properties will be listed on the market. The perfect condo that fits your needs and budget could be just around the corner. Check out our blog “Find Your Dream Condo at Ocean Edge.”

Ocean Edge Buyers Remorse: Is it all about winning

How Familiar with the Condo are You?

One of the major reasons people feel buyers remorse after purchasing their home is because they are not completely familiar with the property before purchasing it. Sometimes surprises are fun, but when it comes to a home, unexpected surprises are not a good thing and can make you question why you bought your home. It’s important that you visit the condo multiple times, and that you inspect it thoroughly before purchasing the home. How many times have you visited the house you are thinking about purchasing? Buying a home is a huge investment, and you want to make sure you are making the right decision. Take someone you trust to see the home, whether it be a family member or friend. Try to see the home unfurnished so you can imagine yourself and your belongings in the space. You want to be confident in your purchase, so take your time and visit the home as often as you need until you are sure that it is the right home for you.

Have You Seen the Condo Alone?

Go to the home and tour it alone so you can really pay attention to the condo and see how you feel about it without anyone else’s opinion. If you’ve only been through the home with your significant other, trusted family member or friend, you might be feeling their excitement about the condo instead of your own. Are they talking you into what a great purchase this home is or do you believe it is the best place for you? Having your real estate agent there with you one on one to point out the positives and negatives of the property is always helpful. Their unbiased opinion and knowledge of the property and local real estate can help you make a more clear headed decision regarding the condo. After doing a walk through with your real estate agent, do a walk through by yourself. This will give you time to process what they said and see if it is a home that you can live with, flaws and all. When you’re done with your walk through it is helpful to have your real estate agent there to ask any questions that may have come up during your home tour. Not sure if you are working with the right real estate agent? Check out our blog “5 Reasons to be Thankful for a Great Real Estate Agent” to make sure yours is making the grade.

Buyers Remorse Ocean Edge: Have you seen the condo alone

Do You Have a Contingency for That?

When buying a home, it is important to have a safety net just in case things do not go as planned in the inspection, appraisal or while securing your mortgage. If you are working with a real estate agent, they will likely recommend that you put in a contingency for the home inspection for the property. This is the only way that you can walk away from purchasing the condo if there is something really wrong with the property that is found during the home inspection. If you do not include the contingency regarding the home inspection, the property could be a total loss but you would still have to purchase it. If there is something wrong with the property that the inspection uncovers and you have that contingency in place, you have the opportunity to then walk away from the sale. Check out our blog “Top Home Buyers Fears and How to Face Them” which will discuss contingencies and other ways to protect yourself when buying your home.

How to Prevent Ocean Edge Buyers Remorse

Buyers remorse is a feeling that no one likes to get when they are making a large purchase. A home is most likely the largest purchase you will make in your life, and it is the worst purchase to regret because you can not return the home if you decide it was a bad idea. By taking the time to ask yourself the above questions, you could save yourself from living with regret over making the wrong purchase or the hassle of trying to sell your condo once you realize that it is not for you.

Buying at Ocean Edge? Why You Should Consider A Real Estate Agent

Buying at Ocean Edge Why You Should Consider A Real Estate Agent

For many, buying a condo or house is the largest purchase they will make in their lifetime. You might be tempted as a home buyer to cut the cost of buying a home by not using a real estate agent. For some people that works out just fine, and their home purchase goes well as far as they are concerned without using a real estate agent. However, if you are thinking of buying an Ocean Edge condo in Brewster without the assistance of a real estate agent, you need to really evaluate your ability to do this all on your own. Are you willing to sign a legally binding contract to purchase a condominium for hundreds of thousands of dollars without a professional on your side looking out for your best interests? Every year, home buyers make the decision to go without a real estate agent and end up spending an excessive amount of time and their own money trying to find the right home. Purchasing a home without a real estate agent is taking a gamble. If you are thinking about buying an Ocean Edge condominium in the near future, here are the reasons why you should consider a real estate agent.

What it Takes to Become a Real Estate Agent

A real estate agent went to classes in order to become a licensed real estate agent. Once they pass the exam to become an agent which tests on both state laws and real estate practices, they start working for a real estate broker. The real estate broker takes the agent under their wing and gives them the practical experience that they need to become successful in the field. It is in the broker’s best interest to train the agent well in their philosophy and ensure that the agent maintains ethical standards because they are a direct reflection on the real estate broker. In real estate, your reputation is everything. It is just as important to the real estate agent to build up their relationships in the community as it is for the real estate brokerage.

Ocean Edge Real Estate Agent.

The Ocean Edge Condo Buying Process

The process of purchasing an Ocean Edge condo usually starts with an initial offer to buy a home. A thorough inspection of the home is conducted, which the home owner consented to being performed before the purchase. The inspection could come back as fine, and you can go ahead in purchasing the property or the inspection could uncover some issues that may make you want to lower your offer or cancel all together. Since you wrote an offer, and that is a binding contract, you want to make sure that you are protected by writing in a contingency that states that if there is a problem with the inspection you can back out of the deal. You do  not want to be stuck buying an Ocean Edge condo that will cost you lots of money to get fixed up. Your agent has the experience to know what problems could potentially pop up and how to protect you from them. Worried about the home buying process? Check out our blog “Top Home Buyers Fears and How to Face Them.”

Do Your Homework

If all of this information has you thinking about hiring a real estate agent, make sure you do some research before hiring. Ask your friends and family if they have anyone that they recommend from their experiences. Also, you want to find a real estate agent that is an expert in the area in which you are buying. For example, Michael Leighton has been the #1 Real Estate Agent at Ocean Edge since 2004. Within the Ocean Edge complex, there are a lot of things to take into account when purchasing a condo. A real estate agent that has been through numerous transactions within that condo community will know what is typical, what is not and how to make the purchase a smooth and relatively stress free experience. Hiring a friend who just got their real estate license or the first person that pops up in a Google search for real estate agents on Cape Cod is most likely not the best person to represent you in this monumental purchase.

Do Your Homework when purchasing an Ocean Edge condo

The Cost of a Real Estate Agent

When you first meet with a real estate agent, you will discuss the agent’s compensation. Honestly, the cost of a real estate agent working with you on your Ocean Edge condo purchase will most likely pay for itself. A real estate agent is trained to negotiate and get you the best deal possible for the condo you are buying. The percentage they save you on the home could possibly cover the real estate agent’s cost. Or if there is a problem with your property that requires remedy, the agent could save you on the cost of repairing it yourself by making a contingency that the owner either fixes it before you move in or gives you the money to cover the cost of having it repaired when you do own the home.

The bottom line is that you should not focus too much on how much hiring a real estate agent takes away from your home profit, because their experience and knowledge about the market is invaluable when trying to negotiate the right price. A real estate agent wants to help you find a home and get you the best price possible. Their skill set from working in the field and learning in the classroom about the laws makes their services well worth the money. For more on what potential issues could arise when closing on your dream home, check out our blog “5 Closing Day Problems and How to Fix Them.” The blog will give you insight into what you might face and how your real estate agent can help you get through it.

Ocean Edge Condos currently For Sale

Take a look at what Ocean Edge condos in Brewster are currently for sale:

View all Ocean Edge Condos For Sale

Why You Should Consider a Real Estate Agent

Real estate agents are here to protect you and your investment. The Ocean Edge condo you purchase is likely to be one of the bigger purchases you make in your lifetime, why not hire a professional to make sure you are getting the best deal and the right property. The cost of a real estate agent is minimal compared to what they bring to the table in experience, which will make your home buying experience much easier. You real estate agent can help you avoid making some common first time home buyers mistakes. Check out our blog, “4 First Time Home Buyers Mistakes to Avoid” so you do not fall into these easy to make mistakes.

5 Closing Day Problems and How to Fix Them

5 Closing Day Problems and How to Fix Them

Purchasing a home is a stressful experience for anyone. Closing day on your home is an especially difficult day because you are signing off on your enormous purchase, and accepting it as it is. Unfortunately, problems at closing are like death and taxes, inevitable. Issues pop up all of the time on closing day, so do not panic. Some problems are small and easily resolved, while others could make you decide to walk away from the purchase all together. Here are the top 5 closing day problems and how to fix them.

Property

Typically the final inspection of the property is conducted on the day before or morning of closing day. The final walk-through is usually the source of the most unexpected problems for the buyer. This can be the most stressful of the closing day problems because the buyer has little time to react to any problems found during the final inspection. For example, a heavy rain storm could reveal a leaky roof issue or a basement that floods. It is difficult to assess the amount of work needed to make these repairs off the cuff unless you’re a contractor, so many times these issues cause the deal to fall through. However, last minute problems should not cause you to walk away from purchasing the home of your dreams. If it appears that a a big repair is needed, delay your closing until you get all the information. Arrange for estimates have have your repairs done by more than one contractor to get an idea as to how much it would cost to have the repairs made. Negotiate with the seller to pay for the repair, and put the funds in escrow. You’re so close to closing the deal, the seller will not want to start all over again, so they may be open to paying for some of the repair costs so they do not lose you as a buyer.

Property Issues

Title

An issue with the title is one of the closing day problems that may require time to remedy. Taxes owed on the property or liens or disputed ownership of the property are issues that could delay your closing. A title company would bring these problems to you before or possibly on closing day. Issues or “clouds” on a title could include judgments against previous owners where money such as child support is due, and encroachments, or property line disputes for the property.

Credit

Typically you are approved for your mortgage at least a month before closing day. A lot can happen in a month, so changes in your credit are possible. Unfortunately, changes in your credit score can impact your mortgage approval. While waiting to close, it is important to pay close attention to your credit rating and watch it carefully. Any late or delinquent payments on bills or loans, applying for an auto loan or a change in jobs would all effect your credit score. If you need to buy a new car or leave your job, wait until after closing day so you don’t lose your mortgage. A change in credit score could cause your mortgage to fall through. It is a wise idea to touch base with your mortgage lender the day before closing to make sure that everything is in order. For more information about your credit and how to maintain it for purchasing your home, check out our blog “Clean Up Your Credit Score Before You Buy.”

Credit Issues

Seller

You fell in love with the home you are about to purchase for a number of reasons. Make sure that the furnishings or window treatments that were in the house when you first saw it are not part of the reason you fell in love with the home and decided to buy it. If you can’t imagine living in that house without the window treatments, and it is a big part of your love for the home, make sure that it is part of your agreement that those furnishings are left with the house. A problem buyers have on occasion is assuming that certain things would be left with the house when it is purchased. You could love how outside the kitchen window there are blooming rose bushes lining your view. Standing in that kitchen for the first time during the open house, you might have imagined yourself washing dishes overlooking that beautiful garden view. However, those rosebushes could be a gift from a deceased relative, so the previous owners are planning on taking them with them when they move (true story). Ask yourself if there is anything in or outside the house that makes the house more appealing to you.

Money

The biggest part of closing day is the transfer of money to purchase your property. Some banks require certified checks, while others prefer to use electronic transfers. Assuming that the bank will accept one instead of the other can hold up the closing because the bank might not accept your transfer method. Avoid this unnecessary hold up by finding out from your real estate agent and mortgage provider which method you should use to transfer your money to purchase your home. Double check all account numbers and exact dollar amounts to avoid any silly mistakes that could hold up your transaction. Do you have all the funds needed for closing day? Check out our blog Hidden Costs of Buying a Home to find out what to expect to pay on closing day.

Money Issues

Closing Day Problems

Closing day problems can put a damper on your closing day celebration, but most of the time they do not mean that the deal is off. All of these problems, property issues, title problems, credit score changes, and money transfer errors could delay your closing day, but they are not necessarily deal breakers. Closing day problems can cause the home buyer (and seller) extra hassle and headache but if the two work together, most problems can be resolved. Check out our “Top 4 First Time Home Buyer Mistakes to Avoid” to make sure that you’re prepared for buying your first home.

Home Warranty: Do You Need One?

Home Warranty - Do You Need One

Buying a home is a huge step that comes with a lot of responsibility. When renting an apartment or house, any repairs that need to be done to a property are covered by the landlord or property management company. As a homeowner, you are responsible for arranging and paying for your own home’s repair. First time home buyers are often caught off guard by the cost of routine as well as unexpected repairs that come along with owning a home. Purchasing a home warranty for your home is a great way as a first time home buyer to protect yourself from the cost of unexpected repairs with your new home.

Repairs for Your New Home

All of the systems and appliances in your home have a life cycle and can go at any time. It is important to be prepared for the unexpected when buying a new home. Your heating system could go down in the middle of the night mid February when the temperatures are hovering around freezing. Who would you call, how much will this cost you and how quickly will this be resolved? The cost of the repair and choosing the right person who will give you the best results at a reasonable price is usually the biggest concern for new home owners. How do you protect yourself and prepare for one of your vital systems or appliances to break down? One way to prepare yourself and cushion the blow of a costly repair could be a home warranty.

Repairs on Your New Home

Who Should Purchase a Home Warranty?

If you are a handyman (or woman) who feels confident in their ability to fix anything, a home warranty might not be necessary. However, if you are not very handy, you might want to consider a home warranty. People who are used to renting and relying on a landlord to fix various problems are good candidates for home warranties. Real estate investors who are not able to do repairs for their tenants purchase warranties to avoid the hassle and headache of arranging repairs for their tenants. A lot of people work long hours, and do not have the time to find the right repair person to get the job done right the first time, so home warranty companies are a great solution.

What is a Home Warranty?

A home warranty is similar to that of an extended warranty if you were buying a car at the end of their factory warranty or an insurance policy on your smartphone to cover screen or water damage. For about $300-$900 per year, you could purchase a home warranty. If one of your system breaks, all you have to do is contact your home warranty provider to tell them what has broken. You could usually either call them or submit a claim online on their website. The home warranty company will then contact the contractor they have a relationship with to go to your home and repair or replace the system or appliance. For every incidence you will be responsible for paying a co-pay (as you do with insurance), but all other repair costs or replacement costs are covered by your policy.

What is a Home Warranty

 When Should I Purchase a Home Warranty?

You can purchase a home warranty at any time. You do not have to make the decision when you first buy your home whether or not you want to make the commitment of choosing the right home warranty. It is important when considering a home warranties that you do your homework and shop around. All warranty programs are different, so you want to make sure you inspect the different policies to see what is covered and what the premiums come to. Keep in mind that the older your home is, the more coverage you will need. If you got a home inspection before purchasing your home, you will have a general idea as to the life expectancy of your appliances and services. Pick a home warranty that fits your home’s needs.

Home Warranty vs. Home Insurance

Home warranties are often confused with home insurance. Both warranties and insurance protect your home, but they cover completely different things. Home Insurance covers: roof damage from a hail storm, damage from a tree limb knocked into your window during a storm or a kitchen fire damages the walls. A home warranty would cover: your ac stops working suddenly, the oven is not working or your furnace won’t turn on. Home insurance covers most damage done to the structure of your home. A home warranty covers the repair or replacement of the SYSTEMS inside of your home due to normal wear and tear. If your clothing dryer door falls off because it’s old and has been used countless times, that would be considered normal wear and tear, which would be covered in your warranty. However, if your clothing dryer door falls off because your two year old was jumping on it when it was opened, that would not be considered normal wear and tear, therefore not covered by your warranty.

Home Warranty vs. Home Insurance

Should You Consider a Home Warranty?

Being a first time home buyer, you may feel overwhelmed by the whole home buying process. Check out our blogs Top Home Buyers Fears & How To Face Them and First Time Home Buyers Mistakes to Avoid. If you are a first time home buyer, do your research and find out if a home warranty is the right choice for you. Check out a couple of different warranty vendors to see what they offer and at what cost. Some properties will offer home warranties when you purchase the home. Sellers sometimes offer a home warranty as an incentive to purchase their home. There is no rush, so there is no need to decide before purchasing your home whether or not you want to buy a warranty before moving forward with making an offer on a home. Some people have the advantage of having a family member or friend who is an electrician or plumber so they do not have a hard time finding a reliable contractor when problems arise. However, if you do not have those connections, it can be hard to find a contract that is trustworthy to get the job done right the first time.

If you have questions about your real estate purchase, contact the professionals at Leighton Realty. Michael Leighton has been the #1 Agent at Ocean Edge since 2004 and the #1 Agent for the town of Brewster since 2007.

Top Real Estate Myths Debunked

Top Real Estate Myths Debunked

If you’re a first time home buyer, you may not have a lot of experience with real estate. Unfortunately there are so many real estate myths out there that may frighten people away from buying a home or cause buyers to make choices that are not in their best interest. Here are some of the most common real estate myths and the truth behind them.

You Need 20% Down Payment

While it may have been true at one time, and it’s a good idea to try to get 20% for your down payment, it is no longer required for home buyers. You do not need 20% of the total cost of the home you are purchasing to qualify for a mortgage to purchase your home. Real estate myths like this one cause many to shy away from purchasing a home because 20% is unattainable due to student loans and most people are just now bouncing back from the recession. Fortunately for those that can not come up with 20%, there are mortgage programs that require a fraction of that amount. For example, FHA loans only require a buyer to put down 3.5% of the purchase price. There are also many conventional mortgages that only require 5% down payment. Our blog, Hidden Costs Of Buying A Home discusses the upfront costs such as the down payment that are required when purchasing a home. Be prepared and check it out!

The Internet Replaces A Real Estate Agent

With real estate search engines, Google and banks all online at your fingertips, why do you need an agent? The phrase “you can’t believe everything you read on the internet” is the first thing that comes to mind. There is plenty of information on the internet that is incorrect, and when dealing with what could be the biggest purchase of your life, you want to make sure you know what you’re doing and getting the correct information. While it may be tempting to cut a real estate agent’s commission from your expenses, it is not in your best interest.

Let’s set the record straight, a real estate agent’s commission is not being paid by you, it is coming out of the purchase price of the home. Therefore, it is the seller that is giving up a portion of their profit to pay for your real estate agent. Hiring a real estate agent to represent you is getting free expert advice. When in life do you get that opportunity? A real estate agent has experience in negotiating to get the best price, let you know when a home is a good deal and when you should walk away.

Internet replaces a real estate agent

Real Estate Agents Are All The Same

Many people believe that a real estate agent is like any other real estate agent, and just choose one because there is no difference. This couldn’t be further from the truth. Your real estate agent is your expert in real estate that will guide you through this huge decision and often stressful process. So what do you do? This is where having the internet at your fingertips comes in handy. Research real estate agents that are in the area that you are looking to buy. It is easy to check out their history & client testimonials online (if you’re looking for an agent to help you with the purchase of an Ocean Edge condo in Brewster, take a look at Michael Leighton’s testimonials). Another great idea is to ask family and friends that have recently performed real estate transactions to see who they used and whether they would recommend them. Having a qualified and professional real estate agent makes all the difference in the world when buying real estate. Check out our blog 5 Reasons to be Thankful for a Great Real Estate Agent.

 Open Houses Are A Waste Of Time

With the internet, social media and real estate magazines everywhere, this is one of the real estate myths that could seem to be true. Real estate search engines offer plenty of pictures, virtual tours and YouTube videos so it seems as though making the time to stop at open houses would be a waste of time. However, if there is a house that could appeal to you, take the chance and visit the open house. Some homes do not photograph well, when they are really a good solid home. At the same time, others photograph really well and have all sorts of problems that the pictures try to disguise. Open houses usually take place over the weekend, so if there is a home you are interested in, see when their open house is scheduled and take a look!

Open Houses

Spring Is The Only Time To Buy A House

Since the beginning of time, it was believed that the spring time was the only time to sell a home. This was because it was mostly young families buying houses. Families with young children would buy houses in the spring so they could close on the house and relocate before their young children started school in the fall. However, times have changed in the last 10 years or so. There are different demographics buying homes now, and with internet search engines at our fingertips, it has dramatically changed the real estate market.

Millennials are buying year round because they are constantly on their phones looking for the best deal throughout the year. Since people are having children later in life, these young adults do not have a time frame that they need to stick to in order to buy their home. Empty nesters are adults who are looking to downsize from their large family houses once their children have left home. They are also a new demographic that are looking for homes without the spring time deadline because their kids are all grown up. More homeowners are aware of these new populations buying homes, so they are putting their homes on the market at different times of year. This is good news for buyers and sellers. You no longer have to wait for the spring to see the best home inventory. Ever consider purchasing a condominium? Check out our blog 5 Reasons to Buy a Condo At Ocean Edge

Real Estate Myths Debunked!

Whether it be from friends, television, the movies or misinformation, we are all exposed to real estate myths. It’s important that as real estate buyers, you do your homework to sort out what is true and what is a real estate myth. The best way to navigate purchasing a home is by enlisting the help of a reputable and knowledgeable real estate agent. Michael Leighton has been the #1 Sales Agent for Ocean Edge since 2004 and the #1 Brewster Agent since 2007.