Common Mistakes Buyers Make When Purchasing A Home
To understand the home buying process and the current market you are currently shopping in is crucial to successfully purchase a home. You should be vigilant and avoid these common mistakes so you don’t miss out the home of your dreams!
Not knowing your numbers before you look at a house:
You should always get preapproved before beginning your home search. A good lender will provide you with an estimate to give you a better sense of what you can afford. A $600,000 home sounds excellent, but what does that mean for a monthly mortgage payment? Does it line up with your budget? Do you know how much your closing costs will be? By knowing this information ahead of time, you can figure out what works and then work it backward. Knowing what you can afford in the beginning will make for a better negotiation and experience. If you don’t have a lender, your real estate agent will be able to recommend someone they personally use and trust.
Writing an offer based on someone else’s: What does a great deal mean to you? Many home buyers assume that they can get the same deal that another friend or a family member received. More times than not they only have half the story, they are in a different market or their financial situation is very different from yours. Work with your agent and write the deal that will get you into your perfect home.
Waiting too long to write an offer based on what others think:
Buying a home will be one of the biggest financial decision of your life and having people close to you to help with the decision making can be helpful or it can hurt. I’ve seen both. Be sure to sit down with your agent and discuss your specific needs and goals when it comes to a new home. Also, beware of bringing family and friends to showings. The homes you see should match the conversations that you have had with your agent. Everyone has an opinion and the very things you love in a home will probably not be the same for your friends and family. Do not let that discourage you from pursuing a home.
These are just to name a few mistakes home buyers can make when buying a home.