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Buying Mistakes
1. Setting unrealistic expectations
Try to keep an open mind and be willing to compromise on your search criteria. Be prepared to change some of your "needs" into "wants" to get the right home. The only home that will come close to perfection is the one you build yourself.
2. Skimping in the wrong areas
It's natural (and logical) to only want to pay what is absolutely necessary. Forgoing one extra - a good home inspection - may end up costing you more in the long run. Many buyers assume that new construction or resale properties do not need to be inspected. Unfortunately, this does not mean that the home was built properly. Invest the extra $400, and buy yourself peace of mind.
3. Maxing out purchasing power
Aiming to buy the most expensive home your lender will approve you for is generally considered a bad idea. Life and it's little "emergencies" tend to occur when you least expect them to. Don't let one wrong move put you into financial difficulty. Settle on a reasonable number, and you will be able to handle life's curve balls (and your mortgage) a little easier.
4. Receiving too many opinions
Seeking advice is a smart tool when buying a home - just be sure to limit your advisers and choose them wisely. Too many (and possibly misinformed) opinions can cloud anyone's judgement, and cause them to miss out on a great opportunity. Invest in a professional who participates in real estate for a living - not your neighbors who bought their last home over 10 years ago.
5. Continuing to look when it's time to stop
Sometimes, buyers can get lucky and find their perfect home almost right away. If you truly feel the home is right for you, make the offer. While you are out looking at more homes because you feel you should, another buyer could be writing an offer, and buying the home right out from under you.
6. Ignoring location
It's a saying for a reason: "Location, location, location" is an important aspect to consider when buying a home. Most buyers tend to only think about how the home's location affects them - but forget about how it will impact a future resale. Just because you don't mind living near a major interstate, doesn't mean future potential buyers will overlook it when it comes time for resale.
7. Buying condition and not floor plan
A home can be completely passed over from potential buyers due to cleanliness issues, or a lack of amenities. While those things can be changed, a home's floor plan is almost impossible to change. Buyers need to focus on the home that offers a floor plan that best meets their needs.
8. Not seeking help
Purchasing a home will most likely be one of the biggest (and most important) financial decisions you will make. Invest in the help of a qualified buyer's agent who can guide you through the process, and offer professional advice. Your real estate agent will have your best interests in mind, and will prove to be your best asset when buying a home.
Try to keep an open mind and be willing to compromise on your search criteria. Be prepared to change some of your "needs" into "wants" to get the right home. The only home that will come close to perfection is the one you build yourself.
2. Skimping in the wrong areas
It's natural (and logical) to only want to pay what is absolutely necessary. Forgoing one extra - a good home inspection - may end up costing you more in the long run. Many buyers assume that new construction or resale properties do not need to be inspected. Unfortunately, this does not mean that the home was built properly. Invest the extra $400, and buy yourself peace of mind.
3. Maxing out purchasing power
Aiming to buy the most expensive home your lender will approve you for is generally considered a bad idea. Life and it's little "emergencies" tend to occur when you least expect them to. Don't let one wrong move put you into financial difficulty. Settle on a reasonable number, and you will be able to handle life's curve balls (and your mortgage) a little easier.
4. Receiving too many opinions
Seeking advice is a smart tool when buying a home - just be sure to limit your advisers and choose them wisely. Too many (and possibly misinformed) opinions can cloud anyone's judgement, and cause them to miss out on a great opportunity. Invest in a professional who participates in real estate for a living - not your neighbors who bought their last home over 10 years ago.
5. Continuing to look when it's time to stop
Sometimes, buyers can get lucky and find their perfect home almost right away. If you truly feel the home is right for you, make the offer. While you are out looking at more homes because you feel you should, another buyer could be writing an offer, and buying the home right out from under you.
6. Ignoring location
It's a saying for a reason: "Location, location, location" is an important aspect to consider when buying a home. Most buyers tend to only think about how the home's location affects them - but forget about how it will impact a future resale. Just because you don't mind living near a major interstate, doesn't mean future potential buyers will overlook it when it comes time for resale.
7. Buying condition and not floor plan
A home can be completely passed over from potential buyers due to cleanliness issues, or a lack of amenities. While those things can be changed, a home's floor plan is almost impossible to change. Buyers need to focus on the home that offers a floor plan that best meets their needs.
8. Not seeking help
Purchasing a home will most likely be one of the biggest (and most important) financial decisions you will make. Invest in the help of a qualified buyer's agent who can guide you through the process, and offer professional advice. Your real estate agent will have your best interests in mind, and will prove to be your best asset when buying a home.
