Home->Buying->10 Mistakes Buyers Make
Top 10 Mistakes Buyers Make
| Mistake #1 - Never Buy the First Home |
| Look at several homes before making a buying decision. Many first-time buyers purchase the first home they view because it is such an improvement over a renting situation. |
| Mistake #2 - Choosing the Wrong Mortgage |
| Be sure to sit down with your mortgage agent to get all the specifics on the mortgage you are considering. There are many alternatives to the 30-year loan. Choose the one which best suits your needs. |
| Mistake #3 - Failure to Increase Insurance Coverage |
| Keep yourself aware of the changes in your home's value. As your home increases in value, your old insurance policy may not adequately protect your investment. |
| Mistake #4 - Looking at Homes You Can't Afford |
Before you start shopping, take time to consider how large a payment you can afford. Pre-qualify if possible. This also prevents delay in closing. After selecting a home, review all your figures. Don't forget to account for other home costs such as utilities, insurance, and property taxes. Your agent should be able to help estimate these costs. |
| Mistake #5 - Buying a Home That Won't Sell |
| Many first time buyers sell their home in just a few years. Carefully consider all the negatives. Get a neutral opinion from a friend or relative who is familiar with the area. |
| Mistake #6 - Poor Planning |
| If you are currently renting or leasing, be sure to check for an early release clause. Often times a landlord will subject a tenant to financial penalties for leaving a lease prematurely. |
| Mistake #7 - Don't Be Indecisive |
| Take all the time you need to make a sound home buying decision, but don't be afraid to commit to a new home purchase. "Cold feet " are natural, but don't miss out on your dream home. |
| Mistake #8 - Buying the Wrong Sized Home |
| View your home purchase in the long term. Consider lifestyle changes and family dynamics when choosing your home. Are a home-based business or kids in your future plans? |
| Mistake #9 - Buying a Home in an Unfamiliar Area |
| Research the area around you. Look for stability in a neighborhood. Investigate area schools and zoning. Be especially careful when buying in undeveloped or new areas. |
| Mistake #10 - Not Getting a Property Inspected |
| Failure to have the property professionally inspected for structural, mechanical, safety, and environmental defects. |
