You have made the big decision, along with thousands of others, to buy a home and become a homeowner - congratulations! It is a huge financial and emotional step. For most of us, buying a home is one of the largest monetary purchases in our lifetime. Errors in the decision-making process may be costly. Here are a few mistakes home buyers make in deciding to buy, not to buy or what to buy:
Do your research. Be familiar with the market you are buying into. Track sales, prices, and neighborhoods you are interested in. Tremendous information is available on the internet or through your realtor. There is no excuse to enter into the market unprepared.
Location, location, location. This one of the most important factors in the value of the home. Even within a neighborhood, location matters. Is it on a busy street, or backing to commercial zone? Most undesirable aspects of a home can be redesigned or changed except its location.
Don’t overlook an inferior floor plan for an attractive exterior. The house may be a “10” from the curb, but you can’t live on the lawn. Make sure the floor plan fits your needs, your lifestyle and will function for your family. Do you need a fourth bedroom, or will a den suffice? Would you be happy with an eat in kitchen or is a formal dining room a must-have?
Do not pass the step of getting a home inspection by a qualified home inspector before the sale is complete.
Paint, flooring and inaccessibility and can disguise a world of devastating flaws and potentially deadly conditions in your new home. Your move in date is not the time for surprises.
Check out the builder’s reputation on your new home. Talk to three or four people who live in homes built by the same builder to see what they have to say. You may discover some faults you may or may not be able to live with.
Be patient. Buying a home is a big decision and finding the right home, in the right neighborhood, at the right price for your family may take more time than you think. You may not find the perfect home on the first Saturday of your home search. Impatient decisions can lead to mistakes.
Deciding NOT to buy a home may be a costly decision, too. If you are waiting for the “bubble” to burst, lower interest rates or waiting to see what the market will do may cause you to loose your window of opportunity. If you can afford to buy a home and you don’t make that purchase, you will loose the benefit of tax deductions, building equity and the appreciation in value. How many times have you heard someone say, or maybe even yourself say “if I had only bought ten years ago”. . . the rear view mirror is always clearer than the windshield.
Comments(0)