Avoid These 10 Common Home Buyer Mistakes.
Don’t get lost in the woods. Avoid these common home buyer mistakes.
- Working with an agent who is not committed to forming a strong business relationship with you.
- Instead, choose an agent that is dedicated to serving your needs before, during, and after the sale. The Stahl and Stahl Group fits that description and would love to be those agents.
- Making an offer on a home without first being pre-approved for a mortgage.
- Take the time to speak with a bank or mortgage representative. This is one of the most important steps on the path to home-ownership. Their questions about income, debt and other financial factors will help you determine your budget.
- Not knowing the total costs involved.
- Early in the home buying process, ask your real estate agent or mortgage lender for a closing cost estimate. Title insurance and attorney’s fee should be considered. Don’t forget pre-pay responsibilities. Home owner association fees and property insurance can add up. Closely examine your settlement statement prior to closing.
- Confining your search to online platforms and open houses.
- Many online platforms have a significant delay, homes showing as available could have already been sold. Contact your real estate agent, they have access to up-to-date information that is not available to the general public and they are your best resource when searching for a home.
- Thinking that there is only one perfect home out there.
- Buying a home is a process of elimination rather than selection. Properties are coming onto the market every day, be open to all possibilities. Ask about a comparative market analysis (CMA) to contrast and compare available properties to those that have recently sold.
- Not considering your long-term needs.
- It is important to consider future needs and possibilities. Will your criteria be the same in 3-5 years? How about 5-10 years?
- Not following through on your due diligence.
- Make a list of all your concerns; crime rates, school quality, proximity to power lines, neighborhoods, a history of flooding, etc. Ask any questions that are important to you before making an offer. Be diligent so you can be confident in your purchase.
- Not getting a home inspection.
- Saving a little money now by not getting an inspection could end up costing you a lot in the long run. A qualified home inspector can find issues you might miss.
- Not examining insurance policies.
- A short conversation with your insurance agent can answer most of your concerns. If you don’t already have a relationship with an insurance person, ask your real estate agent for a referral.
- Not getting a home warranty.
- These whole home coverage policies usually last about a year from the date of the sale. They cover most common repairs you are likely to face for a relatively small fee. Ask your agent for a recommendation for the best plan for you.
We would love to walk you through this process and help you avoid these and other common mistakes.
