The 10 Deadly Buyer Mistakes When Purchasing a Home

 Tanya LaRose  0comments  14.03.2016

1. Not choosing a full-time REALTOR® who is committed to forming a strong, long-lasting business relationship with you. — Making a connection with the right real estate agent is crucial. There should be trust, communication, and mutual respect. Choose someone who is dedicated to meeting your needs and will not put you on the back burner anytime during the home buying process.
2. Not getting pre-qualified before making an offer on a home. — Prequalification makes life easier for everyone involved. Take the time to speak with your bank or mortgage broker at least 3 months prior to your purchase so that you can lock in the lowest possible rate. A skilled prequalification will evaluate your income to debt ratio to ensure your home purchase will fit your budget. VERY IMPORTANT.
3. Not being prepared for the total costs involved. — Additional closing costs may include: a lawyer fee, title insurance, house insurance, moving expenses, utility hook-ups, and/or early payout penalties on a previous mortgage.
4. Not searching beyond the internet, ads, and open houses. — Many house listed in magazines or online have already been sold. Your best bet is to hire a real estate agent with up-to-date information and information unavailable to the public, they are your best resource to find what you want.
5. Not considering alternatives to what you think to be the perfect home. — The perfect home does not exists. Buying a home is a process of elimination, not selection, and new properties hit the market daily.
6. Not contemplating long-term needs and wants. — Where do you see yourself in five years? What kind of home do you need to accommodate your future life? For example, if you plan on having kids, plan for more bedrooms and a spacious backyard.
7. Not following through with due diligence. — Make a list of concerns you may have about the home you are interested in and research the neighborhood. Be diligent so that you can be confident in your purchase.
8.  Not having a home inspection completed by a professional. — Trying to save money today can end up costing you money tomorrow. A qualified inspector will identify potential issues that may effect the value of the house.
9. Not examining insurance issues and options. — Consult an insurance agent for assistance in choosing the policy that best fits your needs.
10. Not purchasing a home warranty. –Think of it as a mini insurance policy that will typically cover the repair of the major systems and appliances. Most new construction will include this in the price of the home.