Special offer

Top Home Buying Mistakes Consumers Make

By
Real Estate Agent with RE/MAX Pearland - Maggie McFarland

Home Buying Mistakes

 

 

As we all know, buying a home is a huge undertaking. But its more than finding the "right" one with enough space. It also means that you have to be extremely careful in the months leading up to making that big purchase! Here are a few tips to remember BEFORE you consider buying a home:


No Major Purchases Before Closing. This includes furniture, jewelry, appliances, electronic equipment, and cars anything that will create a debt or cut into your cash reserves. Increasing your debts or decreasing your cash reserves could affect your loan qualification. If you need to buy a car or furniture, wait till after you move into your new home. If you just have to make a purchase check with the mortgage company first.

 


Moving Your Money Around. Your lender is required to document the source of your down payment and closing costs. If you start transferring liquid assets among different accounts or banks--if only to consolidate--you could end up regretting it when you have to produce canceled checks, deposit receipts, and other seemingly inconsequential information.

 


Changing Jobs. Talk to your lender before changing jobs. Changing jobs may adversely affect your ability to borrow. In the worst of case, changing jobs could possibly keep you from getting the home loan.

 

Shop for Home Insurance Early. Start shopping for insurance as soon as you have a property you want to make an offer to the seller. Many buyers wait until the last minute to get insurance and find they have no time left to shop around. Insurance premiums can vary for each property and with each different insurance company.  I recently had a home that I showed one of my buyers.  They completely fell in love with the home.  The location was perfect and the property was priced right for the area. Before they put a contract in on the home I encouraged them to check on home owners insurance.  To their shock - and mine too - the flood policy was $4800.00 per year!  This put them way over the monthly payment amount for their comfort.


There are lots of factors to consider when you are buying a home. If you need guidance or have a particular question, please do not hesitate to let me know!

Posted by

 

Yellow Subcribe

    Facebook

Twitter Follow

          

Have a Blog Idea, A Real Estate Question, would like to spotlight an upcoming event or local business send an email to PearlandHomeTeam@aol.com.

Whether you are buying or selling Real Estate in Pearland Texas it just makes sense to use a Realtor® that knows the area!  I live here, work here and play here - I call Pearland Texas home!  For more information regarding Pearland Texas be sure to visit my website:

  • PearlandHomeTeam.com - Homes for Sale in Pearland TexasSchools, Home Selling Tips, Buying a Home Tips, Foreclosures, Weather and Community Information. 

//

// PearlandHomeTeam@aol.com



  

Comments (10)

Colin Call
RE/MAX Integrity - Eugene, OR
Principal Broker

Hi Maggie,  Great blog.  It is too easy to forget to share these information gems with new buyers.  We are used to the process and forget that they are new to the game.  Danke

Oct 09, 2011 04:36 AM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Maggie, great stuff. These are things which can complicate a transaction and you do a great job of explaining them. Have a great day!

Cal

Oct 09, 2011 04:40 AM
Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

Great info. Sometimes we as agents forget to advise buyers about the process. And have to deal with the after effects. Thanks for reminding.

Oct 09, 2011 04:48 AM
Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

I agree Colin with you Colin. 

Thank you Cal. I hope you have a great day too.

Very true Bill.

 

 

 

Oct 09, 2011 04:51 AM
John Pusa
Glendale, CA

Maggie - Thank you for sharing quality information and tips on top home buying mistakes consumers make.

Oct 09, 2011 06:27 AM
Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

You are welcome John.  It important things I thought needed to be shared.

Oct 09, 2011 08:43 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Maggie - This is an excellent post!  I know so many buyers are tempted to purchase furniture, new home supplies, etc. before closing, but they need to wait.

Oct 09, 2011 12:35 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Great information and so sad that you can even tell em and they still do it. Thanks for pointing out all these little things.

Oct 10, 2011 03:40 PM
Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

I agree Michelle, they should wait but, we should also educate.  Buying a home is such a busy time.

Charles our job is to point things out and we can only hope someone is listening.

Oct 11, 2011 01:37 PM
Pam Miller
Realty Associates - Conroe, TX
Broker Associate - Water Crest on Lake Conroe

Maggie - This is great information!  Thanks for sharing.

Oct 14, 2011 09:23 AM