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Top 3 Mistakes Home Buyers Make
Finding a property to buy is an emotional experience. It is an exciting time, a place to call your own, no landlord, decorate as you wish, you own yard to BBQ, whatever your dream home includes. It's no wonder home buyers fall so in love with the idea of owning a home that sometimes they overlook important areas that will impact their bottom line.
Buying a home is, after all, an investment, too. Make sure you consider your purchase with a clear head before signing on the dotted line.
1. Home Buyers Look through Rose-Colored Glasses
When purchasing a home buyers are looking at the house as it shows, paint colors and current owners decor. They fall in love with how the property shows, without thinking how their furniture will look or fit.
When people look for their first home, they often romanticize it. They look for their “dream” home through rose-colored glasses. Oh sure, there's some damage or something is not right, but the kitchen has everything you always wanted. The price busts your budget, but the master bath is heavenly!
Although this house will become your family home, you must treat it as you would any investment.Take the emotion out of the equation. Don't ignore those, "Sure, there's a problem, but … ", ideas.
They may not be deal breakers, but you might be better off if you can walk away.
2. Home Buyers Seek Advice from Others
When you are buying a home, everyone has an opinion. Everyone will have advice, your parents, your friends, your co-workers, the Realtor. It can get confusing.
Each person advising you has their own point of view and experience. Remember This is YOUR house not your friends or sister/brothers. Market conditions are always changing and your parents might not understand what an escalation clause is.
Weigh all their advice accordingly. Just don’t let it stop you from making the decisions you know are correct for you as a home buyer.
3. Home Buyers Choices
You will need to make a lot of decisions throughout the home-buying process. The location, size, amenities, price range. It is a learning process. Be prepared to take it slow. Check your Google maps to see commute times to work, how close are you to shopping and dining. The farther you are from the city, the more bang for your buck you get. There is a trade off for being far out in our area, traffic.
Make sure you can afford the monthly payment over the long term. Make sure you have enough money to cover the closing costs and downpayment. There are also a few fee's outside of the purchase you will need to cover, like inspections and appraisal.
When you are sure you’re ready, make a list of all the things that are important to you:
Do you need to move by a certain date?
Desire a certain area?
Have it have a yard? garage? balcony?
Also, make sure you've got a reasonable sense of what you must have, and what you can—if pushed—live without. Fenced in rear yard with a entertaining area, we're looking at you.
Once you know what you absolutely need in a home, select homes with those amenities. It might be tempting to waver if you find a home that meets other needs. The best thing is to tell your REALTOR® to only show you homes that meet your basic needs. Stick with what you know you need.
For instance stay within your price range, if you know you can only afford a home which is $350,000 or less, don’t ever step foot in a home listed at $400,000. And if you know you need at least two bathrooms, don’t view a home with only one.
Be prepared to make compromises, you may have to put up your own fence in the rear yard, not so easy to add a garage. Keep open communication with your agent, she can help you and remind you of your MUST haves, so you get a property you can live with for a while.
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