Real Estate Mistakes HomeBuyers Make 6-10
Home buyer mistake # 6: Buying a home that is the wrong size for the home buyer’s needs.
A home buyer should consider what the future holds when purchasing a home. Since the purchase of a home is a long term investment, the buyer must contemplate decisions for the future. Is the buyer married, plan to marry, have children, or plan to have children? Is the buyer’s occupation permanent or ran from the home? All of these dynamics must be pondered when deciding upon the size of one’s future home.
Home buyer mistake # 7: Choosing the lowest interest rate lender.
There are more issues to consider than just the interest rate when purchasing a home. The total expenses regarding the home loan include APR, home loan fees, discount points, and origination points. Discount points are costs to reduce the interest rate, and origination points are costs for services provided in the original home loan. When deciding upon the mortgage lender, receive quotes characterizing the differences between the two points. Other deciding factors for choosing a mortgage lender involves the consideration of the reputation of the mortgage company and the consideration of alternative loan options besides the standard 30-year home loan. The realtors at our company can assist home buyers in locating the right mortgage company for their specific home loan needs.
Home buyer mistake # 8: Buying a home with an incurable defect or too many defects.
Consider all of the negatives and imperfections a home has to offer before purchasing the home. Some of these irreconcilable problems include bad floor plans, poor location, heavy street traffic, and inefficient parking. These issues with the home cannot be settled, and they will hinder any future sale of the real estate.
Home buyer mistake # 9: Buying the most expensive home in the area.
If the real estate a home buyer is contemplating purchasing is the most expensive home in the area, then the buyer should consider the price range of the other homes in the area. If the homes in the area are significantly lower than the price of the potential home, then the buyer may want to reconsider the purchase. The resale value of the home may diminish if the price range of the other homes is not in the same price bracket as the buyer’s potential purchase. Our real estate agents can provide the potential home buyers with the price range information regarding the other homes in the area.
Home buyer mistake # 10: Not considering possible delays in the transaction.
Unfortunately real estate transactions are not always completed on time. It is vital for home buyers to figure in possible delays in the home closing process and plan accordingly.
The home buyer mistakes can be avoided with the proper assistance from our realtors. The real estate agents at our company can aid prospective home buyers with the discovery of their perfect homes. Avoiding these top ten home buyer mistakes can make the home purchasing process less stressful and more enjoyable for the home buyers, and our realtors have the training and skills to keep home buyers from possibly generating these errors.