How Can I Avoid Common Homebuyer Mistakes?

By
Real Estate Agent with Chapman Hall Premier Realtors

Buying a new home is both exciting and stressful. The last thing that anyone needs is to run into issues during the purchase process or to fall into common traps. So before you buy, take a little time to understand the mistakes to which many homebuyers fall prey.

Buying with your heart, not your head

It is easy to fall in love with a house at first sight and overlook or excuse problem details. Stay businesslike and keep in mind things like repair and maintenance budgets, commute times, issues that come up during the inspection, and the history of the neighborhood. Jumping into a deal could end up with you having buyer's remorse, or even worse, overpaying for a property or being unable to resell the home. 

Thinking like a buyer, not a seller

Sometime down the line, you will have to sell this house. While it might be a place that you love and you can overlook its negatives, other buyers may not feel the same way. Also, you may be tempted to overextend financially to buy a house that you consider to be "perfect." This can also make it difficult to sell the property in the future.

Trying to do it all yourself — online

The internet has really changed the real estate market. It is much easier to search for homes and find lenders, but your most valuable resource is still having a savvy real estate professional in your corner. A good agent is familiar with the local market and can provide information on the neighborhood. Agents are also there to help you with negotiations and the legal paperwork that is necessary. Remember that it won't cost you anything as a buyer since a real estate agent's costs are paid by the seller.

Not doing your financial homework

Finances are where most homebuying mistakes are made. Before you even look at a single MLS listing, have a serious conversation with a mortgage loan officer. You will need to discuss credit scores and your debt-to-income ratio before you can determine how much of a house you can afford. Be very realistic with your money. You want to make sure that you understand what all of the closing costs will entail as well as having enough cash for unexpected expenses and your down payment.

Hint: Once you have been preapproved for a mortgage and have a house under contract, resist the urge to make major purchases like furniture. Lenders will look at your financial info again before closing.

The great news is that you can avoid each and every one of these mistakes. Enlist the help of an experienced Realtor who can provide guidance and advice as you start searching for your new home. Give us a call today for further assistance.

 
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Georgia Fulton County Atlanta

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
2,009,519
Michelle Carr Crowe,Altas Just Call...408-252-8900!
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Those items are all good for buyers to carefully examine before buying a home.

Jul 15, 2019 02:23 PM #1
Rainmaker
1,311,924
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

That second one is an essential...putting on the seller eyes can remind us to look past "falling in love" with a home's allure. 

Jul 15, 2019 02:32 PM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
138,312

TIM GRISSETT

Ask me a question
*
*
*
*
Spam prevention