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7 Worst Home Buying Blunders

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  • 7 Worst Home Buying Blunders

    Home shopping is a pleasurable, grueling and an overwhelming experience for first-time home buyers. But then at the end of your search for available homes for sale in the market, you seek to get a home that matches your lifestyle and needs at the price you can afford.

    Sadly, there are many home buyers who do home buying mistakes that prevents them from attaining their home buying goals. The following are the common mistakes most first-time home buyers commit:

    1. Not Determining Your Budget For Buying A Home

    Your desire to own a home is not enough for you to get the home that you want. You also have to be financially capable to pay for the cost of the home plus other expenses needed for the whole home buying procedure. You need to identify how much you can afford because you might end up finding homes that are not within your budget. And just make you lust for a home that you cannot buy.

    2. Skipping Mortgage Qualification

    If you are serious about buying a home, begin by getting pre-approved first for a home loan before hunting for homes for sale. Know how much the bank would be willing to lend you. If you will pass up this step, you will be squandering your time talking with the seller. You will also waste the seller's agent and your own agent's time if you sign a contract then learn afterwards that bank is not keen to lend you the amount that you need. If you will skip this crucial step, you will only end up frustrated and upset.

    3. Not Preparing Yourself For Additional Expenses

    Keep in mind that aside from your monthly mortgage payment there are also other expenses involve in buying a home. And now that you are no longer renting the home you are dwelling in, you will be in charge for paying the property tax and obliged to buy your property an insurance covering your home against disasters and making any major repairs the home needs like expensive items like a new roof or a new furnace.

    4. Being Too Picky

    As expected, first-time home buyers desire to get the best home in the market. However, as they search for "the best home" they start to heighten their standards in choosing a home to the point that none of the available homes for sale reach their personal standard. Though you deserve to get a comfortable and well-designed home, but try to be realistic in establishing your standards. Don't be too inflexible when making your home wish list because this usually hampers buyers from acquiring a home.

    5. Being Overemotional and Overexcited

    Always think that sellers will do all the tricks only to deceive buyers so they can sell their property at a higher price than its actual selling price. Thus, it is essential for buyers to be watchful in examining the property before signing the contract.

    6. Disregarding The Importance Of Home Inspection

    Failing to perform a home inspection to the potential home that you want to buy could cost you a lot of money. Not only that, it may also pose you to potential danger. If you are not knowledgeable in determining problems in the structure of a home or other problems that a typical buyer cannot see, you can hire a professional home inspector who has the expertise in examining a property.

    7. Not Hiring A Professional Real Estate Agent

    If you are a first-time home buyer and do not understand the ins and outs of home buying it would be very practical that you hire a proficient real estate agent. They are knowledgeable of the market and can certainly assist you in finding what you want and guard your best interest as a buyer.

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