We know that buying a home can be stressful and for many, it’s the biggest purchase you’ll make in your life. So, we’ve put together a list of the top 5 most common mistakes that buyers make when searching for and purchasing their home. Being knowledgable about what to do and what not to do during the process will alleviate some of the stress and increase your confidence in your decision to buy.
1. Not Doing Enough Research on your Real Estate Agent
Buyers often trust unqualified agent referrals from friends to handle the largest purchase they will likely ever make. Be sure to choose an agent that is professional, honest, licensed, knows how to negotiate, specializes in the neighborhood of your interest and has positive reviews.
2. Putting too Much Faith in Online Home Valuations
Online valuations are often inaccurate and unreliable because they are generated from computer algorithms without taking into account the home’s interior and other important factors. Use websites as a guideline, but only in conjunction with a trusted agent’s valuation.
3. Skipping the Mortgage Pre-Qualification Process
Many buyers assume they will qualify for a loan and think they know what they can afford. In order to be taken seriously by sellers and avoid surprises down the road, contact a mortgage professional before searching for a home and get a pre-approval letter based on individual financial evaluation.
4. Not Considering Resale Value
Buyers often fall in love with a home without considering whether it’s a good investment. Be realistic about how long you expect to hold onto the home and look for a home that will appreciate in value.
5. Walking Away from a Property to Avoid a Multiple Bid Situation
When you find the home that’s right for you, don’t lose it! An excellent real estate agent will advise you on a strategy for how to get the deal done even if there are other buyers bidding.
If you’re ready to buy, search for available properties in your desired area and contact a reliable agent today.