Don't Make These Mistakes When Buying a Home
If you've never been through the home buying process before, it can be a bit stressful and scary. Sometimes you need the right advice to ensure you don't make any of the huge mistakes that could potentially cost you money, time and the home of your dreams. Here are a few of the most common mistakes first-time homebuyers make.
Lack of Trust for the Experts
After you've chosen an expert realtor to help you with your home purchase, you have to trust them. If you're not willing to trust somebody with plenty of experience in the industry, you shouldn't hire them in the first place. A good real estate agent can recognize different negotiation strategies and knows how to work with the listing agent to get you the home you want for a fair price.
No Home Inspection
It's an absolute must to get a home inspection done by a qualified home inspector, not your best friend. You need somebody to go through the home and find any issues that may be present. A qualified inspector is worth the few hundred dollars you will spend, which could potentially save you tens of thousands.
We all do it with big purchases. We let our emotions get in the way and we end up paying more than we should. A real estate agent helps to protect you from this and will help keep your emotions in check. Making the right decision often means controlling your excitement and it can help save you money.
Many first-time homebuyers skip the pre-qualification or pre-approval process and jump right into home shopping. This is very dangerous and can lead to falling in love with a home you cannot afford. Make sure you know the mortgage company will give you the financing before you start looking.
Other common mistakes include:
- Not understanding a purchase contract
- Using a real estate agent with very little experience
- Working with the listing agent directly
- Not understanding the current market
The easiest way to protect yourself from making the big mistakes is by hiring a competent and experienced real estate agent.