10 Biggest Home Buying Mistakes
Not Doing your Homework
Much information is available on the Internet. There is no
excuse for entering the market unprepared.
Trying to Make a Shrewd Investment
People need to buy based on what fits their family. Don't
try to guess what will happen to the market.
Choosing a Poor Location
Even within a neighborhood, location matters. Is it on the
busiest street? Is there a shopping center out the back
window?
Overlooking an Inferior Floor plan for an Attractive
Exterior
It may have gorgeous curb appeal, but you don't live on the
lawn. No matter how attractive the exterior, you need a
livable home.
Overlooking How the House will Function for Your Family
How do you really live? Do you really need a formal dining
room and living room? Would you be happier with an eat-in
kitchen and a great room and a den to use as a home office?
The house needs to fit your family.
Not Having the Home Properly Inspected in a Resale
This is not the time for surprises. Get an inspection from a
qualified, respected professional.
Not Checking Out the Builder's Reputation on a New Home
Talk to three or four people who live in the builder's homes
and see what they have to say. If one builder did all the
houses in a neighborhood, talk to the residents and get
their input. (It's also a great way to see what the
neighbors are like.)
Not Getting What You Want because You're Impatient
This is a big decision. You need time. Impatient decisions
can lead to mistakes.
Waiting for a Better Market and Interest Rates
As they say, "the rear view mirror is always clearer than
the windshield".
Not Buying at All
If you can afford a home and you don't make that
purchase, you'll lose the benefit of tax deductions,
building home equity and the appreciation in value. Many
homebuyers have the income and credit stability to qualify
for a home mortgage; however, they may not have the
necessary funds for the down payment and/or closing costs.
Down payment assistance is a fast, new streamlined way to
overcome such obstacles and provide homebuyers with the cash
at closing for cash that they do not have to repay.
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