Many home buyers rush into a home purchase without getting enough information. A home purchase, probably the one of the biggest investments of your life, needs informed and cautious consideration. Don't let impulsiveness or ignorance ruin your enjoyable home search and purchase.
Here are 14 common home buyer's mistakes to avoid:
1. Don't wait to talk to a mortgage lender and check your credit. Take care of any credit issues and prepare your finances to meet all the mortgage requirements. Make sure you satisfy all six credit requirements, not just a good credit score.
2. Don't wait too long to buy. Many renters pay more for an apartment than they would pay for a mortgage payment.
3. Don't buy more house than you can afford. Keep your payments within reason and have a backup plan for emergencies. Even though you qualify for a certain mortgage amount, you must feel comfortable with the payment.
4. Don't fall in love with the home for all the wrong reasons. Even though I mostly tell home sellers to use home staging strategies to sell for top dollar, my advice to home buyers is to look past all the staged glamour. Look at the bones of fixer houses to see if you can turn an ugly house into a dollhouse.
5. Don't work with the listing agent or the wrong buyer's agent. Get your own agent who represents your interest, one who listens to your needs. However, if you're an experienced investor who knows how to buy houses, sometimes you can save money working with the listing agent by asking for a discounted selling commission.
6. Don't buy in a neighborhood you don't know. Check at night to see what activities take place. Ask the neighbors and the local law enforcement about crime statistics.
7. Don't buy a home with an incurable defect, such as: irreparable structural damage, traffic noise, near electrical or sewage pump stations, near a mini-market with people hanging around, insufficient parking, or poor floor plan.
8. Don't buy too far away from work. Drive the route during rush hour to test how you will feel, how much time it takes, and how much gas you buy. Your happiness outweighs the home