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5 Costly Mistakes Home Buyers Make

 

 

Mistake #1: Not knowing what they can afford before making an offer

How much home you can afford depends on how stable your finances are, what type of property you’re considering of buying, the financing options available or how good your credit is. The best way to avoid this is to get pre-approved for a mortgage so you know exactly how much you can afford. Usually pre-approvals are free. 

Mistake #2: Not knowing who the agent represents

Unless an agent is working as your buyer representative, they represent the seller. Many people don't realize this. When looking for a reputable buyer’s agent, home buyers should ask friends, relatives and business associates for recommendations of local agents.

Mistake #3: Choosing the wrong mortgage

A bad mortgage can cost you thousands in taxes and interest. Smart buyers shop for a mortgage before searching for a home. Consult an accountant before you choose your mortgage.

Mistake #4: Not finding problems with the home before buying it

You should always have a professional inspector look at the home before buying it, otherwise you could be looking at huge repair costs later on. Read this guide to avoiding a money pit.

Mistake #5: Not understanding how their credit can impact their ability to purchase or refinance a home

Get a mortgage professional to help you go over and prepare your credit file before you buy a home.