Mistakes Home Buyers Commonly Make
MSNBC News recently published an article on the biggest and most common mistakes that homebuyers are making today. These mistakes range from falling in love with the decor, to trying to play the market, hoping prices will drop. So, whether you’re a first time homebuyer, or you’re a seasoned buyer, make sure that you aren’t making any of these mistakes!
- The Price Drop - Many buyers are holding off on buying a home they want because they are waiting for prices to drop. As smart as you think you are, you cannot sharp shoot the real estate market. You also need to keep the interest rates in mind; for example, if you wait long enough, and average prices to come down by 10%, but interest rates go up by a half a point, your monthly payments won’t go actually decrease. Prices are already fairly low right now, and so the best thing you can do is buy when you’re ready, regardless of what you think is going to happen with the housing market.
- Don’t buy a fixer-upper if you don’t know how to fix it up - Before you assume that you can handle the stress, costs, and actual labor of renovating a home, volunteer with a local house-building group. This will give you an idea of what it takes to fix up a home. And don’t make the mistake of underestimating how much it will cost to fix the home…a small kitchen renovation usually costs between $25,000-$40,000. A standard bathroom renovation can cost you between $15,000-$25,000. Even painting a house costs between $7,000-10,000. Many buyers find themselves overwhelmed when they buy a home that is in a state of total disrepair, and end up doubling the original sticker price.
- How to Sell your Home at ”Highest Possible Price”.
- How to increase the chances of getting “More Offers”.
- How my FREE ”Short Sale Services” can help you.
- How you can ”Pay Less” when you buy from a Home Builder. FrankMoham@gmail.com
Mistakes Home Buyers Commonly Make.
The decision to pursue homeownership may be based on many factors: everything from a friend’s decision to purchase a home or a family member’s advice against “throwing your money away on rent” to your bad experience with a landlord or the noisy neighbors sharing your wall. While all of those scenarios (minus peer pressure, of course) may inspire valid arguments for considering the purchase of a home, how do you determine if you’re genuinely ready to join the ranks of homeowners? After all, buying a home is a massive decision and includes multiple, long-term financial and lifestyle obligations. The average person spends around 1/3 of their income on their home.You’ll still need to do the work to make sure your personal finances and holistic life picture are also in alignment before you buy, as well of the work it takes to ensure that your real estate and mortgage decisions are sustainable and smart, over the long-term. A good Buyer’s Agent is invaluable to a Buyer, and can be the difference between a wonderful transaction, and a nightmare.