There are some very common mistakes when buying a home that can really put you in a bad position. If you make one of these mistakes you will be much happier when the time comes to sell your home. Here are 7 of the most common.
Do you know what your monthly payments should be for your mortgage? If you don’t, ask. Get the numbers and then figure out if this is something that will work for you. Know the interest rate. Know what you can afford in a down payment and be sure that this is at least comparable to what you can afford elsewhere.
Don’t check out a listing before you call. You have no idea if the home is worth it or not. You will also want to check it out personally before you show it so you know if the inside matches what you saw on the pictures. You want to present yourself well so you will have no problem selling your home.
Don’t think you have found your perfect home when you see it listed. Have a realistic idea of what you can afford and what you can’t afford. It is not fun shopping for a home. If you are in love with a listing and think it is perfect, it might not be as perfect as you thought once you add up all the costs.
Don’t buy just because it is close to where you work or school is located. Sometimes people will list their home near these things only to change them and change the location to benefit you. You don’t want to pay for services or utilities twice. This will drive you crazy and cost you money.
You have to be comfortable when living in your new home. Make sure you are willing to deal with all the small things. Don’t let the size of the home define you. The size of the home does not have to match your needs. You want to live in a home that makes you happy.
Don’t hire a real estate agent. There are many benefits to dealing with a real estate agent including the ability to save time and frustration. When you do get a house to look at, don’t sign anything without a real estate agent. Your real estate agent has a vested interest in helping you get a great home. They will help you find the right home for you. They might even be able to negotiate a low price that will save you money.
Don’t pay too much money up front. When buying real estate, if you can save, do so. A real estate agent could bring in several offers on a home, but you won’t be able to tell if it is a good deal until you have all the paperwork and inspections ready. Take your time. If you have to sell a home within a few months, you will regret the price you paid.
Don’t compare the buying process with your life. Most people will take on several different tasks when they are buying a home. The last thing you want to do is neglect some of those other tasks to make more room for the house hunt. Start off by researching online home sites that list houses and their amenities. Ask questions about the home, who lives there, and where the property is located.
Don’t hire a realtor. Realtors are knowledgeable about the real estate market. They will be able to give you information about the neighborhood, schools, statistics, and things to look for when choosing a home. They can also show you houses that you might not be able to see otherwise.
Don’t buy a home under budget. This can be a costly mistake. A lot of first-time buyers don’t set a budget. They figure that they will remodel and fix up the home so it’s worth more than the asking price. When the time comes to sell the house, they find out that it’s actually worth less than what they listed it for.
These are just a few of the most common mistakes. There are certainly others. Before you begin your search, you need to set a budget and stick to it. Keep track of your expenses and find out what you can afford to spend.