7 Homebuyer Mistakes to Avoid
7 homebuyer mistakes to avoid. Buying a home will usually be the largest single purchase in our lives. Sure retirement will cost more given the amount of years but a home is a major purchase we need to prepare for. This post will focus on the top 7 homebuyer mistakes to avoid.
Buying too much house
5 bedroom mini mansion with a pool sounds like a great idea. But unless you have a family or plan to fill that house with a family that is probably too much house for you and your pet rock. Big houses have big price tags and depending on your county or state can also come with a big tax bill. Buy a home which fits your budget and your current financial situation. Never buy a home with the expectation you will receive that big raise or your business will finally make it to the next level.
Not buying enough house
The flip side of buying too much house is not buying enough house to fit your families current needs. I see this many times talking to clients when it comes to the opportunity to buy a multifamily home which gives clients a place to live and an additional stream of income. Buy a home where your family will feel comfortable and not feel cramped.
Not doing enough research on your future neighborhood
Once you buy your home and realize your neighbors like to get high and start fights it’s too late to move. Research your neighborhood early and often when you are buying your dream home. Drive by the neighborhood multiple times at different times. Talk to the future potential neighbors. And do as much research as possible before making the largest purchase in your life.
Not doing enough research or an inspection on your house
By saving 300-600 dollars a typical cost for an inspection you might end up paying thousands more. Some problems are obvious but a good home inspector can help save you from major financial problems. Furthermore, not all home inspectors are created equal. Look for quality inspectors with multiple recommendations.
Buying the first home you see
Love at first sight does not extend to your home. You might think you found the home of your dreams but inspect it first and compare it to other homes. A great realtor will give you comparables, similar homes on the market or recently sold. This helps you pay a fair price.
Negotiate everything
Negotiate everything and don’t feel obligated to do anything. Feel comfortable that you will find the home you are searching for when it’s your time. You are not buying a pair of sneakers. A home is a big purchase. Take it seriously and negotiate every part of this deal. The negotiation should include your lawyer and your realtor. They work for you not the seller and should have your best interest in mind not the sellers or their own.
Never purchasing a home
Waiting for the right time or the perfect time to buy is the last of the top 7 homebuyer mistakes to avoid. This mistake will cost you greatly. Purchasing a home builds wealth and creates generational wealth for your family.
7 Homebuyer mistakes to avoid
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