Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

Don’t Make These Three LA Home Buying Mistakes

Buying a home is one of the most important decisions that a person or a family will make. Most people who take the plunge into homeownership are committing themselves to 15-30 years of mortgage payments and a whole host of new responsibilities. Even though the prospect of moving into a great new Southern California locale can be an exciting one, it isn’t the kind of thing that prospective buyers can simply rush into. There are personal and financial calculations that need to be made well ahead of time. Act prematurely and you could find yourself underwater, making interest payments on a piece of real estate that has diminished in value. Fail to secure proper pre-approval and you could find yourself outbid or outright dismissed at every turn. Don’t lose the opportunity to make one of the best investments of your life. Avoid these three common home buying mistakes and ensure that your new property is a source of comfort and equity for the rest of your life.

Jumping on distressed properties

Repossessed homes and preforeclosures often look like great bargains on paper. The housing crisis has forced many large banks into the property management business, and as a result they’re all looking to unload homes at reduced prices. Eager buyers are advised to keep in mind the age-old maxim: if it looks too good to be true, it probably is. Distressed properties are often poorly maintained and may carry outstanding legal burdens like liens that aren’t immediately apparent. Be wary of any sweetheart deals. Banks don’t want to own a ton of unoccupied homes, but they aren’t in the business of cutting the public any breaks either.

Shopping without mortgage preapproval

There’s nothing worse than finding that perfect Santa Monica bungalow at a reasonable price and getting outbid or rejected by the owner. These are both common pitfalls encountered by buyers who start browsing the listings without obtaining preapproval from their bank for a mortgage loan. Pursuing preapproval indicates to sellers that you’re a serious buyer. It also ensures that you’re ready to strike the minute your dream home hits the market.

Shopping on reputation alone

Most people will spend decades living in a newly mortgaged home. Because purchasing a new place entails such an immense commitment of time, you want to be sure that you’ve chosen the right neighborhood. You’d be amazed how many homeowners jump on desirable zip codes based on reputation without ever spending any quality time in the actual neighborhood. Los Angeles is one of the most diverse housing markets in the world. The differences between Venice Beach, Los Feliz and Downtown are vast. Before you commit to spending the next 30 years of your mortgage paying life in one area or another, spend a couple weeks exploring the street, meeting the neighbors. Make sure you’ve picked the spot that best suits your needs and preferences.

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