Common Mistakes Made by Unprepared Home Buyers
An unprepared home buyer always makes the same mistakes when looking for real estate. Here are the five most common mistakes you should avoid at all costs.
- Not knowing exactly what you want – It’s very important to define your goals before you begin looking. Determine exactly what your goal is: how long are you planning to keep the property and how much would you want to gain afterwards. You should also think through the common worst case scenarios and prepare a solid backup plan.
- Thinking in a hurry – If someone wants to sell you something suspiciously fast, it’s never a good idea to allow yourself to be pushed into a corner. Making a large purchase like buying a house without doing all the necessary homework beforehand is just not smart. Get yourself a good real estate agent who will agree to represent you as the homebuyer and make sure every agreement is written down.
- Quality over location – An older or inferior property located in a good neighborhood is usually better than a palace in the middle of nowhere. This is a mistake a lot of home buyers make, when they don’t do the research and end up with an expensive home in a bad location.
- Relying on one source – Never, ever rely on just one source of information. Ask more real estate agents about their opinion, ask more home inspectors, lawyers and do your own research.
- Unclear legal status – Many people forget to actually check the legal status of the home properly. Many things could resurface later when you’ve already paid. Make sure you look into title insurance and talk to your lawyer.
These are just 5 starting point mistakes. There are many others. Contact us to avoid making any of them!