Throwing Research out the Window. Buyers should make a list of concerns they have before going out to look at homes. Decide what school district you want to be in, check out the crime rates of your top 5 neighborhoods, identify obstacles in neighborhoods that you couldn’t possibly live with , IE: cell towers, four lane roads, strip malls, etc. Know this information before you decide what homes to look at.
Not Identifying Buyer Closing Costs. I can give you an estimate of the closing costs involved, but the lender you have chosen can get those costs even closer to exact. Don’t forget the upfront costs of a home inspection and appraisal. That is money spent you will not get back if you change your mind. Other costs are loan fees, title policy and escrow fees.
Not Getting Several Quotes for home owner’s insurance. Like any type of insurance the cost can be very different from company to company. You have the time to shop around. Don’t let the lender just order a policy for you.
Not Looking to the Future. You really need to look into your future before making this large purchase. Are you going to start a family? Is your family going to grow? You need to start thinking like a seller when you purchase. A house without a garage may work for you, but when you go to resell it several years from now it might not appeal to most buyers. Bathroom count is also a huge item to consider. I don’t like buyers buying under 3 bedroom, 1.5 bath and under 1,000 sq ft.
Choosing a Real Estate Broker that is not committed to your goals. Using the right broker is crucial. You are entering into a close partnership with your agent. You need to make sure they are a good fit for your goals. The broker controls so much of the contract process you want to make sure they are detail oriented and professional while serving your needs.
Not having a home inspection. If you don’t want a home inspection you could be in for a big surprise down the road. Not all sellers know everything about their home and so the property disclosure isn’t very reliable. Do you know what dry rot looks like? Can you tell if electrical outlets are grounded? How much life does the roof have left? Do you have a tool that will tell you what the water pressure is? Too low or too high is a concern.
Want to chat more about the home buying process? Just give me a call or send an email. I am happy to answer any questions for FREE!