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7 Common Mistakes Buyers Make When Purchasing a Home

Buying a house is a massive decision, and one that requires careful thought and planning. As you look for your next home (or your first one), make sure that you avoid these common mistakes.

1. Not choosing a real estate agent who is committed to forming a strong business relationship with you.

Ask yourself this question: do you want an agent who is committed to helping you getting exactly what you want, or do you want one who is just interested in making a sale?

As a real estate agent myself, I personally don’t understand why someone would just ‘push for the sale’. The truth is, when you focus on giving your client the absolute best possible service, you deliver and they walk away thrilled. When you do this, you not only become a better REALTOR, but your client tends to recommend you to their friends and family.

In my book, there’s nothing better than doing a great job and getting more business because of it. So, when you’re choosing your agent, make sure they truly are committed to you and your goals.

2. Not getting pre-qualified.

Pre-qualification does two major things for you. First, you save precious time by hunting only for homes that you are guaranteed to afford. House hunting is already a time consuming experience, so why spend more time away from your family looking at a house that is beyond what you can afford? The effort is exhausting.

Second, pre-qualification gives you a strong negotiating advantage. Imagine you’re selling your house because you’ve been transferred, and you need to move in 1 month. If you had two offers in front of you – one that’s guaranteed for financing, and one that isn’t, which one would you choose? Now, if you really needed to sell in a hurry, would you accept a guaranteed offer for $5,000 less than an offer that might fall apart? Whether you will or not, there are motivated vendors out there who will – and they’ll do it because the buyer was pre-qualified.

3. Not knowing the total cost involved.

Buying a home is a big purchase, and we all work very hard to save for it, which is why its critical to understand all of the costs involved. The extra costs when buying can run anywhere from $1000 – $5000 or more, which can dramatically change what you can afford. Before you begin house hunting, make sure that you budget for these additional costs by understanding exactly what they are. If you’re not sure, ask your REALTOR or visit my website (the url is below) for more information.

4. Not searching beyond open houses, ads, or the internet.

Many homes in ads or on the internet have already been sold. Even the public MLS system can be a few days out of date. The best thing to do is to talk to your REALTOR. REALTORS have access to information not available to the public. They will be able to let you know what’s available, and what listings are off the market. Even more, many REALTORS know sellers who want to sell, but haven’t listed their house. One of these houses might just be the one you’re looking for.

5. Not contemplating long term needs.

Do you like moving? Packing all your belonging, finding friends to move the sofa, cleaning, and then unpacking again? Remember all the stress and worry? I don’t know anyone who likes moving. It’s very important to consider your long term needs when buying your home, otherwise, you’ll be moving again a lot sooner than you expected. Ask yourself if the home and the mortgage arrangements fit your needs 5 years from now. What about 10 years?

6. Not following through on due diligence.

Due diligence is about securing your investment. It’s making sure that your home is as good as it seems. Make Packers and Movers Jaipur sure that you investigate everything important to you. Get your home inspection, look at the nearby schools, walk around the neighborhood, and do anything else you need to make sure that you are comfortable with your purchase.

7. Not having a home inspection.

Would you purchase a house if you knew that the foundation was rotten? Would you get one with a hard-to-see termite problem? Of course you wouldn’t, which is why home inspections are so important. Many potential issues in a home are not visible to the casual observer. Home inspectors are trained to spot all sorts of issues, and can alert you to potential problems before you are committed to the purchase – giving you the freedom to decide whether to continue.

As a buyer, it’s important that you’re an educated buyer. The fact that you’re reading this proves that you’re well on your way, and you’re already way ahead of most buyers out there. When you’re ready to move on, choose a REALTOR who understands the importance of these points, and will make sure that you’re properly informed about your decision. This way, you’ll have far less hiccups than many other people.

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