Buying a home is one of the largest purchases of your life, and you want it to be a good investment. Here are the four most common mistakes made when buying a home, along with tips on how to prevent yourself from doing them, or how to recover if you have already made them.
Mistake #1: Not Getting Pre-Approved
The biggest mistake made by homebuyers. This is the first thing you should do if you plan on buying a new home.
How to Prevent: Easy, get pre-approved! By getting pre-approved, you’ll be able to search for homes that affordable for you, while also putting you in a strong negotiation position when you make an offer.
Mistake #2: Not Using a Qualified Agent
Realtors know the market and can help you through every aspect of a home purchase.
How to Recover: It’s never too late to get an agent, just pick up the phone. Choose someone with whom you feel comfortable and can trust.
Mistake #3: Not Getting a Thorough Inspection
A thorough inspection is the only way you’ll have real knowledge about the house.
How to Prevent: Hire a professional home inspector. They take the emotion out of buying a home and will give you an objective report about the condition of the home you want to purchase.
Mistake #4: Focusing on Wants, Not Needs
This mistake is usually made by first-time homebuyers, but can happen to even the most experienced homeowner.
How to Prevent: Make a list of must-haves and refer to it when you’re house hunting. Understand what is truly important to you and be open minded about your wants. No home is perfect, and usually people compromise somewhere.
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