6 Costly Mistakes Made by Home Buyers
1) Not getting pre-qualified for a loan before you search for a home.
Getting pre-qualified for a loan by a professional lender will let you know in advance how much mortgage you can afford. This allows you to make an offer on your home with confidence funding is available.
2) Not being honest with your Realtor or lender up front about your credit.
Your credit-- whether good, bad, or limited--affects everything from your down payment to interest rates. Your realtor or a professional mortgage consultant can often advise you as to how you can get credit problems cleared up or completely eliminated from your credit report before you apply for financing or make an offer on your home.
3) Not negotiating with the owner to provide a home warranty.
A home warranty can save you thousands of dollars in repairs, and often be obtained for as little as $500.00 for one year. A typical home warranty covers the electrical, plumbing and heating systems as well as major home appliances.
4) Not requesting a market analysis of the home, in comparison to similar homes in the neighborhood from your Realtor before you make an offer.
A home is not just a place to live-it's an investment in your future. View several homes before you make an offer so you know what's available on the market. Be certain you're making a wise investment by asking your Realtor to provide comparable sales of similar homes in the same neighborhood.
5) Not inspecting a home before you buy it.
Hire a professional to inspect every aspect of the home thoroughly. This can save you thousands of dollars in costly repairs and hundreds of headaches in the future. A thorough home inspection can also allow you to negotiate for any repairs prior to closing.
6) Not taking into account your present homeowner or renter status.
If you already own a home and must sell this home before you buy a new one, it's best to get a Realtor to do a complete market analysis on your present home. This allows you to know how much you can sell your current home for, before you make an offer on a new one. If you are leasing or renting, the lease's expiration date will give you a timetable for your new purchase.
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