Biggest Mistakes and Misconceptions about Buying a Home
Real estate lays no easy hands on the ones naïve to it. For the first-time home buyers, things turn
out to be contrary to how they’ve imagined them. Unexpected cost turn-outs, dealings and proper
inspection are the baseline issues. These short-comings hinder not only the first-time buyers but
the experts as well.
Sorry for creating this horrible image of estate dealings but someone ought to tell you the truth.
However, all these short comings and challenges can be fought easily with a proper knowledge
of this field.
Let’s have a look at the major mistakes most of the first-time home buyers commit:
Blunders made during searching for home
It’s not just about the financial matters involved in the home buying process, but many times
buyers make mistakes during their search for the house.
1. Not making multiple visits
You decide you want to buy a house, and you are ready to begin your search. You attend your
first open house and you fall in love with it. There is nothing wrong in choosing the house that
hits you at the very first site. However, make sure that you plan multiple visits to that house and
make a keen observation of all the aspects related to it. Also, make sure to visit other houses in
the area, because once you start to compare house to house, that first one that you loved so much
may not look so perfect anymore. This may make me a real estate nerd (I know already that I am
a science nerd) but I love going to open houses. In the year leading up when I bought my first
home, I think I went to at least one open house every weekend. This is a great way to determine
not just what types of homes are on the market, but really get a feel for different neighborhoods
in an area. Also, there tend to be cookies at open houses, so … free cookies!
2. Not making a vast search
Keep your area of search vast. Most of the buyers limit their area of search either in their
neighborhood or near their workplace. This leaves you short of option and therefore, you might
have to settle for less than the best. So, it is better that you keep an open area. Also, retaining
flexibility in your desired area can open up new possibilities, as small moves in neighborhood
can result in getting more house for your money.
3. Working without a Realtor
It might not be necessary to hire a realtor. You alone may deal very well. However, you should
keep in mind the fact that the seller’s agent has the interests of sellers as a priority, not yours.
Therefore, at this stage, you need a professional who will deal according to your demands and
interests.
A buyer’s agent can help you with making the right direction, negotiating your bid, refute an
offer, and manage the closing process. Also, you don’t have to pay for the agent in any case as
the seller pays the commission to both agents. Therefore, it is a wise decision to keep an agent
for your assistance.
Buying a house may seem a stressful and nerve-racking task, and undoubtedly, it is, especially
for first-time buyers. During this process, you’ll have to face many challenges and short
comings. The way you deal with these issues decides how successful it will be to get the home of
your choice. Having an expert by your side through the process can make finding your dream
home more manageable and actually quite enjoyable! A top real estate agent will focus on the
nitty-gritty to allow you to focus on the fun!
Financial blunders
Going for a risky loan program
Spending too much on a house
Overlooking the significance of home inspection
Not going for variable options
