The 10 Biggest Home Buying Mistakes

home buying mistakes image

Buying a home, especially your first home, can be an experience filled with excitement, anticipation and last but not least, a lot of stress.  Knowledge is power, and today there is a tremendous amount of information available on the internet to help you as you enter the housing market.

  1. Buy your home based on your needs. 
    Don’t try to guess where the market is going or make a shrewd investment.  This is your home.  This is where you come home at the end of the day, feel safe, and enjoy your life, family and friends.
  2. Choosing a bad location. 
    That age old adage still rings true – location-location-location!  Is it on a busy street?  Next to a commercial building?  Is the neighborhood declining?
  3. Overlooking an awkward floor plan for a great yard. 
    You won’t be living in the yard; but you will regret putting up with a miserable layout – not to mention the difficulty in selling to the next buyer down the road.
  4. Overlooking how the house functions for you. 
    What is your lifestyle? Are you the type that uses a formal dining room and living room, or do your feel more comfortable with an open floor plan?  Are you willing to make major renovations to make the house work for you?
  5. Not having a home inspection during escrow. 
    Absolutely DO NOT buy a home without having a home inspection.  Use a certified or licensed home inspector, not a contractor.  A home inspector has been trained to know what to look for during the home buying process.
  6. Not checking out a builder’s reputation on a new home. 
    If you’re considering buying in a new development, talk to several people who live in the builder’s home and see what they have to say.  It’s also a great way to meet your prospective neighbors.
  7. Not getting what you want because you’re impatient. 
    Buying a house is a major life decision.  Take into consideration the monthly expenses, maintenance, your lifestyle, commute time before signing a contract.
  8. Waiting for a better market or interest rates. 
    I’ve been in this business for thirty years and I’ve found that people have never found the top or the bottom of the market until it’s passed them by and they’re looking back at it!  Get in while you can and enjoy your home.  Interest rates are still low.  I remember when they were 16%!
  9. Not buying at all. 
    If you can afford a home and you don’t make the purchase, you’ll end up losing the benefit of a wonderful tax deduction, the ability to build home equity and long term appreciation in value.
  10. Listening to all of the “Experts” telling you what to do.  As soon as your friends and family find out that you’re buying a home you will receive more advice than you can handle, not to mention horror stories.  Just smile and thank them, and then tell them you have a great Realtor who’s taking great care of you… and Call Me!