Schools Out, Summer Fun Begins
June 5, 2009
Letters of the Real Estate alphabet – P and PS
June 10, 2009On average a person purchases a home every 7 years. Based upon the infrequency of the purchase its easy to understand how a homebuyer can make a mistake or two on the purchase of a Spring Texas home.
Here’s our list of Top 10 Mistakes homebuyers make and some tips on how to avoid them:
1. Continuing to look when its time to stop – Sometimes buyers are lucky and they quickly find the perfect home. But instead of writing an offer the buyers continue to look because they think they should. In the meantime, another buyer has found the first buyers perfect home wrote an offer and now the home is under contract. The buyers lost their perfect home because they did not know when to stop looking.
2. Skimping in the wrong areas – Its human nature to only want to pay what is absolutely necessary but forgoing a home inspection can cost you a lot more in the future than the $400 it saves you now. Both new construction and resale homes need to be inspected. Just because the home is new does not mean it was built properly.
3. Receiving too many opinions – If you ask your Facebook connections for their advice on purchasing a home you are bound to get as many opinions as you have connections. Seeking advice is a good decision but limit the number of people you seek advice from and choose your advisers carefully. Your real estate agent should be your most trusted source because they help buyers purchase homes for a living unlike your friends who the last time they purchased a home was 10 years ago in Illinois not Texas.
4. Maxing out purchasing power – Buying the highest priced home your lender will approve you for is not a good idea. We hope tomorrow and the day after will only bring good things but sometimes we hit a financial hardship. Remember Life Happens when we least expect it.
5. Setting unrealistic expectations – During your search for a home remain open minded and be willing to compromise. A criteria you initialed classified as a “need” may have to become a “want”. The only home that will come close to being a perfect home is the home you build.
6. Not seeking help – The purchase of a home will probably be the largest financial decision you make. Employ the help of an experienced and qualified professional by hiring a buyer’s agent. Your real estate agent will be your advocate and advise you and have your best interests in mind.
7. Buying condition and not floor plan – Too many times I have seen buyers dismiss a home because its not clean or the home does not have the amenities they desire. Condition and amenity level are two things that can be changed on the other hand a home’s floor plan can not be changed. Buyers should purchase the home that best meets their lifestyle.
8. Viewing a home purchase only as an investment – Buyers need to think about all the reasons they are purchasing a home. A home is more than a financial investment you sell after it appreciates. A home is about a lifestyle and a place to call your own.
9. Ignoring Location – Don’t underestimate the importance of location in your real estate purchase. Just because you don’t mind living next to undeveloped commercial land does not mean it won’t bother potential buyers when it comes time to resale your home.
10. Buying for today – Selling a home is not cheap, its a hassle, and not a task buyers want to do every one to two years. Buyers need to idenify what their housing needs are today and what their housing needs will be five years from now.
A good Spring Texas buyers agent can help you avoid all of these mistakes when purchasing a home. After all, sometimes it is better not to have to learn from our mistakes.
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