- Looking at homes in a higher price range than you can realistically afford and setting standards too high. Before looking, know exactly what you can afford overall and monthly. - Getting into nasty loans so you can have more purchase power, STOP! Oh, and don't buy a home that's too large or expensive for impressing or status sake. Being house poor or going into foreclosure isn't impressive.
- Running around visiting open houses, calling yard signs or visiting tons of websites. Big mistake. Only deal with YOUR Realtor, not 50 others most of which will already be working with the seller or homes you're calling about. Let your Realtor make all calls and inquiries. You could harm your negotiating power and/or lose money. Not to mention, get emailed and called by all these websites, companies and agents, yuck.
- Packing and scheduling a moving day too far in advance. Things happen in real estate. If your loan hasn't completely been approved yet, title hasn't come back clean and clear or the seller hasn't signed their paperwork, don't count on a for sure closing/moving day.
- Attending the home inspection and either viewing the results too harshly or too loosely. Every home has minor repairs needed and you'll never get a perfect home even if it's brand new. Don't overlook major repairs or things that can be fixed by the seller just because you're in love with the home and giddy. Selectively choose and negotiate repairs weighing up your offer and terms.
- Falling in love with, or hating the decor of a home or how the current owner is living and utilizing the property. The sellers and their items aren't staying with the house. Make sure it's right for you.
- Working with a Realtor, loan officer or home inspector who isn't established or experienced enough. Your gut is a major factor when working with anyone, especially a professional. Use your instincts and check to see if they actually know what they're doing by proving their experience. You're allowed to say thanks but no thanks.
- Getting locked into buyer contracts. This basically means the Realtor you're working with locks you in to work with them over a period of time whether you end up liking them or not. You'll owe them a commission if you break the contract. Boooo.
- Buying a fixer upper property and thinking you'll do all the work needed just because it's a great deal. If you really don't know what you're doing or how to do it efficiently, the work needed and time involved could end up costing you way more than what you saved. Not to mention sleeping and cooking dinner wearing a hardhat.
posted by Cleveland Real Estate at
4/21/2008
10 Comments:
very well stated. Particularly #8. There is so much more than the average person realizes once you get past the simple cosmetics of a coat of paint!
great advice I wish i had read this about 9 years ago :-) before buying my nightmare property, I would also add, spend the extra money on hireing a property surveyor, it will save you money down the line
Sorry to hear about your nightmare Triz...
It's so important to work with someone who knows what they're doing and can lead you to a good lender and title company. A property survey should be included in your title work!
hi! this is helpful. i wish real estate brokers in the philippines work the same way as in the states. here, brokers will only offer you what they have on their listings-- they won't go and help you find what you exactly need. :( anyway, thanks!!!
it is a excellent blog, its blog to very helpful for those person want to buy home because Buying a House is a very serious matter that comes in to people's lives. It is very risky to invest your money in buying just any house you find. You must have some guidelines that can help you decide which house is the best for you. Here are some:
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Very great and usefull advice!!!
I think buying a home is a complex process. Home buyers often compare prices of similar homes in the neighborhood before choosing a price, but the asking price may have very little to do with the actual value of the home or the price a buyer should offer.
hey great tips for home buyers..It is very risky to invest your money in buying just any house you find. You must have some guidelines that can help you decide which house is the best for you.
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very good blog, it is a great advice for first time buyers,Advice from well meaning loved ones can be helpful, but buying a home is a major financial commitment and you would be wise to educate yourself on the home buying process before taking the first step.
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