Mover's Guide
An online resource for changing your mailing address, utilities and more.

5 Common Mistakes Home Buyers Make

Buying a home is exciting, especially if it's your first. However, it's important not to get caught up in the excitement and make a mistake that you will end up regretting. Below are five common mistakes to watch out for:

1. Not Researching Your Neighborhood --You may have found the perfect house for your family, but don't neglect the neighborhood. Is it a safe area? Are there parks for your kids? Are there good schools nearby? Failing to consider these variables could leave you with a major case of buyer's remorse.
2. Not Being Pre-Approved -- When you're ready to buy a house, you should immediately seek pre-approval for a mortgage loan. This will let you know how expensive of a home you can afford, and you won't waste time looking at houses that are outside of your price range. Also, when you do begin making offers on houses, being pre-approved will give you an advantage over other bidders that still need to go through the approval process.
3. Overextending Your Budget -- It's important to take a close look at your budget before buying a house. Many financial experts recommend that your housing costs (including mortgage payments, insurance and utilities) shouldn't make up more than 30% of your income. If you're paying much more than that, you are going to run into problems.
4. Letting Emotion Take Over -- Buying a house is a very emotional experience. But in order to make the best decision, you need to keep emotion out as much as you can. Specifically, it's important to avoid showing emotion and eagerness when talking to a seller. If the seller knows that you're desperate to get his home, he'll know that he can get away with over charging you. It's also important to rein in your emotions once you think you've found the right house. You need to get it inspected, and you need to be open to the possibility that there are major problems with the house, otherwise, you'll end up talking yourself into taking a bad deal.
5. Making a Big Purchase After You've Applied for a Home Loan But Before You Close -- Once you've been approved for a loan, do not make any big purchases that require payments, such as a car, furniture or electronics. These payments will change your financial standing and could cause the bank to lower the amount you're preapproved for.
6. Buying a home can be a great experience. Keep these tips in mind and you'll avoid some of the most common traps that many home buyers fall into.

Moving Checklist:

1. Send change of address cards to: Post Office, Charge Accounts, Subscriptions, Friends, Relatives
2. Make arrangements with moving company
3. Disconnect utilities, get refund for any deposits made and advise where final bills are to be sent: Water, Electric, Gas, Telephone, Fuel, Trash Removal
4. Cancel deliveries: Milk, Newspapers, Other
5. Transfer memberships: Church, Clubs, Civic Organizations
6. Check with insurance agent on coverage of life, car and household goods in route to new home
7. Obtain school records for children
8. Obtain birth and baptismal records for all family members
9. Obtain medical records
10. Obtain legal records
11. Check to see if your Will must be rewritten when moving across state lines
12. Veterans notify your draft board or VA office
13. Transfer bank accounts: Checking, Savings, Safe Deposit Box
14. Have bank recommend affiliate in new city

Before you choose a Realtor, think about this…

• Ask for the Realtor's credentials and how they affect you as a buyer.
• How many homes has the agents sold in your area? Carriage Realty specializes in Washington County and the surrounding areas. Many of our agents are licensed in MN and WI. Make sure that your agent knows your selling area.
• Is the compensation rate negotiable? Real estate fees are always negotiable. Carriage Realty does not charge as much as the big national chains but is also not a discount Broker. We provide full real estate service at a reasonable fee.
• Is the Realtor willing to put their sales strategy in writing? The agent should not only have a sales strategy but implement and stand behind it.
• Are there any other fees that I will be charged by your company? There are many fees associated with selling your home. However, many real estate companies will reduce their compensation rate only to charge you an additional administrative or broker fee.
• Research the agents status with the Dept of Commerce Check to see if your Realtor has had any or enforcement actions or violations against their licence.
• Get The Home Buyer's & Seller’s Handbook from the office of MN Attorney General Lori Swanson (FREE)