Buying a Home? Avoid These Common Mistakes
If you’re in the market for a home—and especially if you’re a first-time buyer—then there are some things you should be aware of. Unfortunately, there are many mistakes that can be made that could end up costing you your dream home—or making it so that you pay more for a house than it’s really worth. Read on to find out about some of the most common mistakes when it comes to buying a home.
• Not fully understanding the real estate agent’s role. Okay, so this may not apply to your situation, particularly if you’re purchasing a home that’s for sale by owner, but it’s still important for you to understand exactly what a real estate agent does—and what he or she does not do. When you’re working with a real estate agent, make sure you understand who that agent is working for—and whose best interest is in the agent’s mind. Unless a real estate agent is exclusively a buyer’s agent, then he or she is working for the home seller. Don’t forget this! The agent will do his or her best to get the most money for that home, so don’t buy into each and every thing that agent says.
• Not thoroughly researching. Be sure that you fully understand your financial situation and exactly what you need out of a home. Analyze your assets, pull credit reports, and decipher your debts before signing on the dotted line and possibly getting yourself into a heap of financial trouble.
• Quickly labeling a house your “dream home”. It’s pretty easy to fall in love with a house, particularly if it’s always what you imagined. So if you do happen to find that awesome dream home, keep it to yourself. Don’t let the seller know, and definitely don’t let the seller’s real estate agent know. All this will do is cause them to hold out for a higher price.
These are just three of the most common mistakes that buyers make when looking for a house. What other mistakes can you think of to share with fellow home-buyers?
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