10 DEADLY Mistakes Buyers Make When Purchasing A Home

Dated: November 5 2015

Views: 369


MISTAKE #1: Choosing a real estate agent who is not committed to forming a strong business relationship.

HERE’S HOW TO AVOID IT!

Making a connection with the right real estate is CRUCIAL. Choose a professional who is dedicated to serving your needs – before, during, and after the sale!

MISTAKE #2: Making an offer on a home without being pre-qualified.

HERE’S HOW TO AVOID IT!

Creating a relationship with your lender is so important and makes your life easier! Their specific questions with regard to income, debt and other factors will help you determine the price range that you can afford and more importantly what you are comfortable paying per month.

MISTAKE #3: Not knowing the total costs involved.

HERE’S HOW TO AVOID IT!

Early in the buying process, ask your real estate agent for an estimate of closing costs. Pre-pay responsibilities such as inspection, termite fees, and earnest money amounts must be taken into account. Remember to ask for your settlement statement prior to closing.

MISTAKE #4: Limiting your search to open houses, ads or the internet.

HERE’S HOW TO AVOID IT!

Many homes listed in magazines or on the internet have already been sold. Your best course of action is to consult with a real estate agent. They have up-to-date information that is unavailable to the general public, and are the best resource to help you find the home you want.

MISTAKE #5: Thinking that there is only one perfect home out there.

HERE’S HOW TO AVOID IT!

Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask your agent for a comp report, which compares similar homes that have recently sold or are still for sale.

MISTAKE #6: Not considering long-term needs.

HERE’S HOW TO AVOID IT!

It is important to think ahead. Will your home suit your needs 3-5 years from now? How about in 5-10 years?

MISTAKE #7: Not following through on due diligence.

HERE’S HOW TO AVOID IT!

Make a list of any concerns you have relating to issues such as crime rates, Schools, power lines, neighbors, HOA’s, etc. Make sure that you ask all of these questions during the inspection period, so that if there is an issue you can retrieve your earnest money without penalty.

MISTAKE #8: Not having a home inspection.

HERE’S HOW TO AVOID IT!

Trying to save money today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers can overlook.

MISTAKE #9: Not examining insurance issues.

HERE’S HOW TO AVOID IT!

Purchase adequate insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.  

MISTAKE #10: Not purchasing a home warranty.

HERE’S HOW TO AVOID IT!

This is essentially a mini insurance policy that usually lasts 1 year from closing. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to your agent to help you find the protection plan you need. It can save you in the long run!


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