|
Home Buying Mistakes
Buying a house covers a lot of aspects including legal, financial and emotional. Avoid these potentially dangerous and expensive mistakes made by home buyers. * Making a decision to buy a house and rushing out to find a home and signing a contract before getting pre-approved by a mortgage company.* Being “house poor” You have spent so much money on buying a house now there is no money for anything else. A life where every dime of your money goes for a house note will soon become boring and a change in the economy could signal disaster. Leave yourself some breathing room.* Not working with a realtor who is representing you. Remember most of the time, the listing agent represents the seller. Who will be representing you?* Not comparing mortgages when there are far too many variables - type of mortgages, terms, lenders, and amount of points.* Not getting mortgage pre-approval can sometimes have you looking outside of your price range (too low or too high). Also, a pre approval will add a great deal of strength to your offer.* Waiting for the “perfect” home. Many first time home buyers make a mistake thinking that they will, if they look long enough, find a home that has a full 100% of there needs and wants. Don’t pass up a home that has 90% or more of your requirements only to eventually give up more than 90% of your requirements. Instead, it makes sense to determine the most important of your needs and the most desired of your wants and select a home that meets most of them.* Finally, do not shortcut the home inspection process. This can save you future problems. Protect yourself and invest the $300 to $700 for a professional inspection. |
