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you’re your first home or your third home, there are still some very
common pitfalls to avoid. Many times these mistakes are made because of
ego or ignorance. Make sure that when you decide to buy a new home that
you stay objective and keep a level head when making your decision.
Mistake #1: Buying the most expensive home on the block. Remember that
your home is an investment. Homes within the neighborhood escalate in
value when the homes around it go up. If your home is the highest
standard by which all homes are measured by, your value will increase
much less than others.
2. Mistake #2: Falling in love with a
house that is unattainable or out of your budget. We often want more
than we can afford. BEFORE you begin searching for your next home,
analyze your financial situation and decide what payment you can
realistically afford. Talk to a financial representative or mortgage
broker about current rates, your credit score and your ability to pay. A
great preliminary move is to get pre-approved for a mortgage. It will
give you the amount you can spend before you start looking so you don’t
fall in love with more than you can afford.
3. Mistake #3:
Paying too much for a house because of its neighborhood. Remember that
despite what our culture often tells us, we are not measured by the zip
code that we keep. In addition, it is a poor investment to buy a home
that you know is not worth what you are paying just because it is in a
fancy or popular neighborhood.
4. Mistake #4: Buying in an area
near commercial zoning without checking into zoning. You see it every
day in the news, people who are taking issue with their city planners
because a new grocery store or mall is planning to come in next door to
their neighborhood. Very often these people could have or should have
known that there was a possibility this could happen to them because the
land around them was zoned commercial. Make sure you check into zoning
before you purchase.
5. Mistake #5: Buying a very nice home in
a bad neighborhood. You can fix up a house, but you can’t fix a
neighborhood. If you have checked property values and the homes around
yours are going down, that is a red flag. It may look like a good deal,
but in the end you’re likely to lose money on your investment.
Mistake #6: Rushing into the decision. Make sure that once you have
found a home you would like to live in that you have thought over
carefully all that comes with the home, the neighborhood and the
lifestyle it will bring. Remember that once you have made an offer and
have it accepted, it can be very difficult if not impossible to back out
of the deal. Make sure that your decisions are well-informed, educated
ones before sealing the deal.
7. Mistake #7: Skipping the home
inspection. Many homebuyers skip the inspection process to save money. A
home inspection will help you make a more educated decision about the
home and will alleviate any ‘surprise’ expenditures for you in the
future once you’re in the home.
8. Mistake #8: Poor future
planning. Sit down with your significant other and analyze how you live
and how you will live in the future. Make a list of criteria that is
important to you in your next home. Rank those criteria in order of
their importance. Use this check list as a guide when searching for
your home. You don’t want to purchase your ‘dream’ home only to find
out 8 months later that it is too small, doesn’t have enough storage and
is really not what you needed or wanted for your lifestyle.
Experienced and Supportive Homes that Click Buyer agent is available
to answer your questions and assist with the purchase of your new
construction or re-sale home. Are you a home owner? Ask your Homes that
Click agent about the "Step Up" program when selling and purchasing your
next home....even greater savings for you!