Home Buying Mistakes

Home Buying Mistakes

Worried about the top mistakes that homebuyers make (and how to avoid them)?  As a prospective homebuyer, are you overhelmed by the vast amount of research and paperwork that goes into searching for your dream home?  If you are, you certainly aren’t alone as the majority of homebuyers (whether first time or repeat) always face a daunting task of learning what questions to ask and things to know – continuously learning along the way.

Shopping for a house you can’t afford. Make sure to figure out your monthly housing budget and begin working with a lender to determine your purchase price qualification. The worst thing that you can do is think that you can afford one price range of houses, begin looking and making an offer or two to discover that you aren’t qualified for the loan amount or don’t want that large of a monthly payment (or down payment for that matter).

Home Buying Mistakes

Everyone Thinks They Can Get A Deal

Many Americans think that they can lowball an offer to swing a good deal when making an offer on a home. While each person is different on the definition of a ‘good deal’, don’t always expect to get it. Home prices have been on the rise lately so getting a good deal is not as prevalent as it was a few years ago during the housing crisis.  Don’t get me wrong – it never hurts to ask, but don’t put all of your hopes into it. We’ve been in a number of situations when working with buyers where they thought they could low ball an offer to the seller and the seller doesn’t come down from asking price because they were offended or a better offer came along. Long story short, we continue working with the buyer and in the end the buyer regrets low balling the offer and missing out on the dream home they had set their sights on.

Not Doing Enough Homework

Sure the home may look like it is in great condition, but without doing your homework and having various home inspections done (electrical, plumbing, termite, structural, etc.), you may not be able to find out what’s hidden behind walls or underneath the foundation. This can lead to more problems after the purchase in unexpected repair costs that then become your responsibility since you are the homeowner.

Not Trusting Your Realtor. With the vast array of resources available to us nowadays, many homebuyers try to do as much on their own as possible and not place full trust in their realtor. While doing research on your own and becoming educated about the home purchasing process is great, realtors know their job (and take great pride in it)! They don’t go to real estate school and complete all of the additional hours of required continuing education for nothing. They are in the business because they love what they do and the satisfaction that comes from knowing that they get their clients the best deals and work as hard as they can to ensure as smooth of a transaction as possible. An agent can hold your hand throughout the entire process and also be your liaison between the seller’s agent, lender and escrow/title company. They don’t stop working until they get the right home for you!

One of the biggest mistake that a home buyer makes is becoming emotionally attached to the house. All too often we walk into a property and can immediately envision ourselves living there with our children (or grandchildren) running around and adding laughter to the quiet space.  Then when the deal doesn’t go through we get into a funk because we had put all of our eggs into one basket so to speak and let our hopes gets dashed.

Being a homebuyer can be exciting and stressful all at the same time. Let us help you realize the keys to your dream home by working for you and helping to make a stressful process much easier.

Boston Real EstateHome Buying Mistakes

Rick Toney

View posts by Rick Toney
Rick Toney Is A Seasoned Real Estate Professional With Over 25 Years Of Real Estate Experience, Writes A Weekly Real Estate Blog And Is A Principal of Blue Moon Realty Group And Mesa Realty Advisors. Blue Moon Realty Group Is A Residential Redevelopment Company Specializing In The Purchase And Renovation Of Older And Physically Distressed Homes (Flip This House Boston). Mesa Realty Advisors Is An Affordable Housing Developer Specializing In The Redevelopment Of Existing Low-Income Housing Properties. Rick Is A Certified Public Accountant (CPA - Retired) In The State Of California, A Certified Property Manager (CPM - Retired) And A Real Estate Broker In The States Of California (Retired) And Massachusetts.

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