Home Buying Mistakes

Home buying mistakes and how to avoid them

The number one mistake is failing to confide in a trusted advisor.  This could be your real estate lawyer or real estate agent.  Buyers withhold information, for a variety of reasons.  Experienced real estate professionals handle such a multitude of transactions and personality mixes, there is not much they haven’t heard so don’t withhold any information from them.  If you get anxious and want to back out of a deal, talk to your professional and see what can be done.

The second mistake is when buyers qualify for the loan and start the process of purchasing a home and then decide to make a large purchase, like a car and finance it.  This will throw off your credit score ratios and you may no longer qualify for the home because of the new purchase.  If you want to make a large purchase, it is imperative that you do it after you have closed escrow on the home.  However, you should always ensure that you can afford both payments comfortably so that you won’t risk losing your new home by over-extending yourself financially.

The third mistake is that a buyer purchases the wrong home.  Make sure
when you are contemplating a home purchase that you look at all of your
priorities.  List out which of those priorities, features, and benefits are most important for you and don’t compromise.

Employing a professional Real Estate Agent is an important step in avoiding these mistakes, especially with regard to the third mistake.  An agent can help you identify what is most important to you in a home.  An agent can also help you find and visit many homes so that you can confirm that what you identified as important still seems important to you once you actually visit homes.