In order to make your home buying experience as successful as possible it is critical to avoid costly home buying mistakes. This is especially true since buying a home will be the most expensive purchase a buyer will make in their lifetime. Keeping these potential mistakes in mind will benefit a buyer as they navigate the home buying process. To learn more about the most common buying mistakes, read on…
6 of the most common real estate home buying mistakes
The video above described the 6 home buying mistakes to avoid. Here’s what you should do:
- Talk to a loan officer and understand which loan program would be the best fit and what the interest rate will be. If there is an error in the credit report, it’s best to address this as soon as possible. Obtaining a completed pre-qualification form from a lender is a necessity to make an offer.
- Buyers must not succumb to the glitz of staging and paint colors which have an emotional hold on buyers. And they must be able to look past minor cosmetic flaws that would be easily remedied with a small investment, examples include painting the interior or replacing outdated light fixtures and faucets.
- Resale potential Unless you expect this to be your final and forever home remember it will have to appeal to the next group of potential buyers. Quirky floor plans and pool locations should be avoided.
- Research the subdivision and neighborhood. Remember you are not only buying the house but buying into the neighborhood and area! Do your due diligence into the area as well. One of my favorite suggestions isto talk to the neighbors.
- Understand the on going costs of home ownership. Gone are the days of calling the landlord when something breaks, that’s on you now! Various items such as the roof, A/C, refrigerator, washer and dryer, water heater, etc. have functional lives ranging from 10 – 20 years and will require periodic replacement. Build this into your budget.
- Don’t buy anything on credit while you’re waiting for your new house to close. This could negatively affect your debt to income ratio, lower your credit score and ultimately cause your loan to be denied or raise your interest rate.
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