7 Common Mistakes to Avoid While Buying a Home

Buying a house marks a huge milestone in everyone’s life for many reasons. You may feel anxious and weary while you’re at it and you may tend to look past a few minor details, which may cost you a lot. If you are one among many making this huge investment, you need to look out for a few red flags and steer clear of them to make sure the house you’re about to buy is your dream home.

Common mistake to avoid # 1 – Not being represented by a real estate agent

The first rule of buying a house is to rely on a professional. An experienced real estate agent knows what they’re doing and understands what you are truly looking for. They help you find the right house for you considering all that you want with the house. They’re well aware of the business so they can help negotiate prices and handle complex transactions all the way through. You can find some of the best real estate agents here!

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Common mistake to avoid # 2 – Taking the first loan offered

Take a little time on this one. Wait till you get a few more deals so you can compare them and choose the one that’s best suited for you. Buyers usually get excited the moment they have their first loan offer and hastily decide to stick with it. Talk to professionals and take their opinions as well so you make an informed decision.

Common mistake to avoid # 3 – Not analyzing your finances

Buying a house is really exciting, agreed. But this excitement should not blind you from understanding how much home you can actually afford. Base this on your predicted monthly mortgage amount so you know if you’re comfortable with the house you’re set to buy. Choosing a home that you can afford is the decisive factor, more than anything.

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Common mistake to avoid # 4 – Not taking additional expenditure into account

Have you thought about how much money you may need to spend apart from the down payment and the monthly mortgage payments? If not, think about the property insurance and taxes, all the furniture you need to buy, all the cabinets that need to be installed, the utilities and maintenance. These are only a few to name.

Common mistake to avoid # 5 – Being too picky and uncompromising

Let’s face it. Your dream home will be Fairyland. You may not be able to get every single thing you wanted with your home. Understand the difference between your wants and needs to see clearly that you may have all you need for your house to be your dream home. Make sure all the important things like your budget and the location are on point than worrying about the curtains not matching your walls.

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Common mistake to avoid # 6 – Skipping home inspection

Lots of buyers think it’s okay to skip this step, assuming that they can detect any problems in the house. It’s of severe importance that you know you’re safe inside your home. For you to be sure of this, it’s always best that you take the services of a home inspector to evaluate the construction and certify everything is intact.

Common mistake to avoid # 7 – Not getting all the repairs done before closing

Remember that you are responsible for the leaks in the ceiling, the patch on the wall or the moldy cabinets once the deal closes. This could cost you a ton of money if you do it on your own. So, make sure to have all the fixes done before the deal closes.

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There you have it! Make sure to be prepared as much as you can around all these points and you won’t be making these common mistakes at all! Let’s hope you don’t make any new ones though! Happy buying!

 

2 Comments

  1. My wife and I want to buy a home next year, so thanks for sharing this. I like your point about not assuming you can find all the problems with the house. We’ll be sure to get a thorough inspection so we can anticipate and fix any problems with the home.

    Liked by 1 person

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