Buying a home is one of the largest purchases many of us will make in our lifetime. It is easy to get caught up in some of the more superficial aspects to buying a home, especially if it is your first home, but you will have to keep a level head if you want to avoid some of the biggest mistakes that homebuyers make.
Deciding that you want to buy a home is one thing, knowing exactly what you want and need from your new home is an entirely different thought process. Having a written list of what features are important for you to find in a house can keep you from making one of the top home buying mistakes, buying the wrong house.
If you allow yourself to be swept away in the excitement of buying a home, it is easy to lose focus of what is truly important to you in a living space. Buyers that buy the wrong house can find themselves stuck in a home that does not meet there needs, or worse paying more than they can comfortably afford for more house than they need. A simple as it sounds, having a written list of the things that you determined you needed before you started shopping for a home can help keep you grounded while you look.
Not speaking up to the professionals you are working with about issues or concerns that you may have is another top mistake home buyers will make. Whether it is because they do not want to appear ignorant or just do not want to bother anyone, not speaking up about concerns that you have before you sign can be a very costly mistake. Remember that the real estate agent that you sign an agreement with is obligated to act in your best interest. Open and honest communication with the real estate professionals that are working on your behalf is the best way to secure a positive outcome.
One of the biggest home buying mistakes that people can make is to make unapproved financial changes before they have closed on a mortgage. An unfortunate number of home buyers each year shop for and find the perfect home, go through all of the motions for a mortgage approval, and then just weeks before the closing they will go and open up a credit line and buy new furniture or purchase a second car for commuting. Then the lender runs another credit report before closing and the buyer no longer qualifies for a mortgage. Once you have received a mortgage pre-approval, any purchases that will have an effect on your credit rating should be postponed until after you have closed on the mortgage.
Buying your first home should be a great experience. By following some common-sense tips, you can avoid some of the top home buying mistakes that first-time homebuyers make.
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About David Goldstein — David Goldstein is an Owner and Founding Partner of Express Schools, LLC. which operates online education providers Real Estate Express, Insurance License Express and License Tutor. Follow him on Twitter.