If you’re planning on purchasing some type of real estate soon, here are the top 4 mistakes that you’ll want to avoid. Buying a home is definitely an exciting time and it can get quite overwhelming. Avoiding these mistakes will help you stay on the path towards a successful home buying decision and will help you make a purchase with more certainty.
1. Not sticking to your budget
Let your real estate agent know exactly how much money you’re going to be able to spend on a home. Inform him that you are strictly following your budget and that there is no way you could possibly look at any homes that are priced higher. If you don’t follow this one rule, you’ll probably get tempted by homes that are out of your league and you may end up making a purchase that you simply can’t afford.
2. Not making your own decisions
Even when the bank tells you that you can afford a certain amount for a mortgage, you are the one who is going to be responsible for paying it every month. Make sure that you have decided on your own how much mortgage you can afford. The bank may be giving you a higher amount that will influence your lifestyle heavily. For example, the bank has no way of knowing that you take 2 vacations per year and that there is no way that you would ever give these up – even for a new home! You need to take your own lifestyle into account when you’re deciding on a budget and then make sure that you stick to it, no matter what the bank says you can afford!
3. Hiring any agent
Buying a home can get extremely complicated. There is a lot of paperwork that needs to be filled out and everything must be done legally. You need an experienced and informed agent by your side in order to make sure that everything goes along without a hitch. Finding the right agent is the most important thing that you can do when you’re considering a real estate purchase.
You need to find an agent that you feel comfortable working with and one that has a lot of experience behind him. Once you have sat down and talked to an agent and feel that you could work together, it’s time to go over his credentials. Don’t ever hire an agent based on personality alone. It’s not his personality that is going to get you the best real estate deal – it’s his knowledge, determination and extensive experience in the field that will lead you towards a positive outcome.
4. Failure to get a home inspection done
Some people take a look through a home and decide that it looks great so they will buy it. This can be a fatal error since there can be underlying issues that could end up costing you thousands of dollars in the long run. Structural difficulties can’t always be seen from the surface of the home. Likewise, electrical or plumbing problems will be hidden behind the walls. Make sure that you have a home inspection done before purchasing any type of real estate. This is the only way you’ll know for sure that this home will last for many years to come.
These are the most common mistakes that people make when rushing through a real estate purchase. You’re putting a lot of money on the line so never make a rushed decision. Don’t make the same mistakes that a lot of people do. Follow the guidelines above and you’ll soon be relaxing in your home and enjoying every moment of it!