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Mistake #1: Hiring a real estate agent who lacks
commitment
Working with a professional
who is committed to serving your needs during all
phases of the buying process is critical.
Mistake #2: Only searching for homes on the internet
or in the newspaper
Because of the delay in
getting to press, homes you see in the newspaper or
real estate magazines may have already been sold or
removed from the market. Similarly, internet
listings may not be updated on a regular basis. A
real estate professional has access to active
listings and current information that may not be
available to the general public.
Mistake #3: Believing there is only one perfect
house for you.
While you may have a list of
“must-haves”, be open to viewing homes in all styles
and floor plans. You may be surprised to find that
what you had in mind is not what works best for your
family in the long run.
Mistake #4: Not keeping your long-term goals in
mind.
What situation do you see
yourself in five years down the road? Will you be
starting a family? Or maybe enjoying your
retirement? Choose a home that will fit your
lifestyle for many years to come.
Mistake #5: Lacking due diligence.
Any concerns or questions you
have about the area or the home should be addressed
before you place an offer on the property. The
better informed you are, the less likely you will
suffer from buyer’s remorse.
Mistake #6: Not pre-qualifying for a mortgage.
Not only will it help you
present yourself as a serious buyer to a seller, it
can also help you determine what price range you can
afford.
Mistake #7: Not understanding total costs.
Besides the purchase price of
the home, you will incur closing costs as well as
possible title fees, attorney fees, Homeowner
Association dues, insurance, and more. Your realtor
and lender should be able to provide you with an
estimate so you’re not caught off guard on the day
of closing.
Mistake #8: Skipping the home inspection.
Don’t
cheat yourself by trying to save money. A home
inspector may find problems with the home that you
aren’t willing or financially prepared to handle.
An inspection before closing allows you to back out
of the sale if an unfavorable situation occurs.
Mistake #9: Not consulting an insurance agent.
An insurance agent should be
able to answer any questions regarding necessary
coverage and associated costs. A good example of
this would be if you are looking to purchase a home
with a swimming pool. What additional insurance is
required for a pool and how much will it cost per
year?
Mistake #10: Passing up a home protection plan.
A home
protection plan can be purchased by the buyer or the
seller and usually covers repairs for one year from
the sale of the home. It can help ease your mind
when buying home to know that if, for example, the
air conditioning goes out two days after you move
in, the costs to repair it will be minimal. Home
protection plans are usually renewable if you choose
to extend it past the initial year.
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