Top Ten Biggest Mistakes a Buyer Makes

Top Ten Biggest Mistakes a Buyer Makes

Buying a home is one of the largest investments you will make in your lifetime. There is a lot to think about while working through the process of searching for your dream home.

One of the greatest pieces of advice I can give you is working with a Realtor®. This is not a self-serving comment by any means. There are many steps in the process; missing just one of them or not having the information you need to make an informed decision could be very costly. In addition, working with a Realtor® can help you avoid some of these other mistakes as well! Here are the top mistakes that you will want to avoid when purchasing a home:

• Not having proper representation ~ Working exclusively with a buyers agent will put you in the best position when buying a home. Every agent has a fiduciary responsibility to act in the best interest of their client. An agent representing the seller must keep the sellers best interest. How are they able to act in your best interest as well? See The Benefit of a Buyers Agent.
• Skipping the Pre-approval step ~ being pre-approved for a loan will help you not only in determining what you can afford, but will save countless hours looking at homes that are above your price range!
• Not Setting a realistic budget ~ The cost of owning a home is more than just the mortgage payment. Understanding the true costs associated with buying a home is imperative in the process.
• Not understanding the market ~ The real estate market varies state by state, county by county and city by city. Understanding what market YOU are in will make the difference in how to write an offer. Don't try to time the market.
• Trusting Advertising ~Don't believe everything you read! Do your own due diligence. Whether it is for a loan, a Realtor, home inspector or an advertisement on the home itself, knowing the facts will save you in the long run from headaches or disappointments.
• Not researching the neighborhood ~ You plan to live in this home for a while, knowing the neighborhood, school systems, commute routes and access to things that are important to you will assure a feeling of "home".
• Buying the first home you see ~ Although you may end up with the first home you looked at, you owe it to yourself to see a few homes and their differences before making a decision.
• Not considering the long term ~By not looking at both your personal situation and the home situation, you may find yourself in a predicament. Is your family going to grow? Do you plan to get animals? These type of questions could cause a problem if the home you buy is not large enough or will not allow pets over a certain quantity or size. Additionally, is there anything going in around the home that could affect the sale at a later date? You would hate to buy a home where the new freeway extension was going to run close. This will affect the value and potential future sale.
• Foregoing property inspections ~ A home inspection is one of the most important steps in the home buying process. Hiring a professional home inspector will ensure your investment is in good condition or help you identify where potential problems may arise. Skipping this step could cause great agony once you have moved into the property and found there are multiple problems that could have been recognized and dealt with prior to owning the property.
• Not knowing and understanding closing costs ~ The down payment is just part of the cash you are going to need to close. Don't be surprised when it comes to closing and there are additional costs associated with the purchase of a home. Costs like escrow, title, appraisal and notary are all additional funds you will need to bring to the table. 

Buying a home is an exciting time! It is also a very emotional time. You will be putting a lot of hard earned money and effort into this decision. Take the time it requires. Do your homework. The minute you mention you are considering purchasing a home, everyone you know becomes an expert. You will get advice from everyone around you. Some of it will be very valuable and good food for thought, others have had bad experiences that has made them wary. Let this be your experience. Make it a good one by avoiding some of the biggest buyer mistakes!

Making the Home of Your Dreams A Reality. As your Agent of Possibility it is my intent to make your home buying or selling process a smooth one!

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