Mistake #1: Not Having Proper Representation
In today's market it is important to have qualified representation. When you select a Realtor to work with be sure to ask questions about there qualifications and even sales history. You may have a friend in the business but before you decide to use them make sure they can give you the service and experience you need. Not having the proper representation can cost you thousands.
Mistake #2: Choosing The Right Loan
There are many different loan types available. Depending on how long you plan to live in your home there are some great options to purchase and keep you payments low or get you into a larger home for the same amount of money. The right lender will not only help you find the right loan type but can help you save money at closing or on your monthly payments. Remember it is a good idea to check with more than one lender to make sure you are getting a fair deal.
Mistake #3: Choose The Right Location
Figure out what location you would like to live in and stay as close to that area as possible. Sometimes buyers will jump into a home that may look great but is not really located where they want to be. Then shortly after moving in they decide to sell. Save yourself the hassle of moving and the costs of selling and buy in the correct location the first time. If you are new to the area it is OK to rent for a short period till you are familiar with the town or seek advice from a qualified real estate professional.
Mistake #4: Make Your Offer ASAP
Making an offer in a timely manner once you find a home you like is advisable. Two common problem buyers face when buying are other buyers making offers on the same property and waiting too long.
Many home sales happen on the weekend or at the beginning of the week. Make sure that if you view a home on Friday and it is what you want you don't wait till Saturday to write the offer. Chances are other buyers looking Saturday will discover the home you want is the home they want. When this happens the seller will receive multiple offers and to purchase the home you usually will need to pay over the full list price and do not always get the most favorable terms.
Mistake #5: Get The Home Your Purchasing Inspected
Make sure you have the home you are purchasing inspected. The inspection could easily change you mind about the deal you thought you were getting. I have personally seen inspection report come back with over $20,000 worth of repairs on them. Do not find this out after the home is yours.
Mistake #6: Stay In Contract
Stay within your contract dates. Many times if you do not stay within your contract dates the contract can be cancelled and you run the risk of losing not only the home you were purchasing but your earnest money. This can be an expensive mistake sure make sure to read your contract carefully and stay within the dates.