We’re going to review some of the common mistakes that first-time buyers make, and we’re going to show you how they can ruin your opportunity to buy your first home. How to avoid those types of blunders? You'll find out in our HousePro Academy online course, Home Buying 101.
MISTAKE #4: Failing to do your "Due Diligence" Research
The fourth common mistake made by buyers is neglecting to do their “due diligence”. Due diligence just means researching the property and the neighborhood. You need to do the footwork to find out what’s going in with the house. You cannot simply rely on your Realtor® or the listing agent. Getting inspections is one important way to research your house. But it’s your responsibility to find out about the neighborhood, the neighbors, the community, and the area you want to live in. For example, here in California we have a Megan’s Law disclosure. Buyers can go online and find out if any criminal sex offenders live in their neighborhood. Another example is called “errant golf balls”. My friend lives in a lovely home with a view of a golf course -- and guess what else she has? Lots of golf balls landing in her yard. The golf balls have even broken a window or two. But she can’t get upset because she knew she bought a home on a golf course! Another example is checking with the city or county zoning to find out about any future building plans in your new neighborhood. Is the airport runway going to be expanded? Will a new school or park be built? A new freeway installed? You need to know, and much of this information you can find out quickly and easily yourself. Check out the neighborhood, the city, the area before you purchase the house. Make sure that you and your family feel confident in this property and this neighborhood. Because buying a home is permanent and you can’t simply undo it.
Here's other common mistakes that you DON'T want to make:
- Mistake #1: Not checking credit report in advance
- Mistake #2: Mis-calculating budget / housing costs
- Mistake #3: Skipping the home inspection
- Mistake #5: Getting a car or furniture loan before COE
- Mistake #6: Not understanding the process
- Mistake #7: Trying too hard to get a bargain
Stay tuned for our 7-part series!
Regina P. Brown
Broker / Trainer
California Coast & Country Homes, Inc.