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"HAPPIER HOUSE HUNTING" A good home buying decision is one that fits your family and your budget - a house you will be able to resell when the time is right. Sound simple? Not always. Here are five common mistakes frequently made by first time buyers...and how to avoid them. |
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1. Looking outside your price range. To avoid disappointment, contact a real estate agent who can help you with a mortgage pre-approval letter from a bank or recognized lending institution before you start looking for a home. This agent should also provide valuable insight on taxes and other expenses associated with a home (utility bills, etc.). |
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2. Buying on impulse. Buyers, especially first timers may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives. Narrow the prospects to three or four and return for a closer look. Is this what you and your family really want and need? |
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3. Failure to plan ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you expanding your family, and if so, is the home large enough and will it continue to be? Is a double income necessary to qualify for financing and make your payments? Do your plans foresee an income sufficient to continue making payments? |
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4. Failure to focus on location. Evaluate more than just the property. Look at the surrounding area, amenities, etc. Is The neighborhood maintained well, and convenient to schools, work, stores, etc.? Find out about zoning and what new construction is planned on any vacant land in the immediate locale. Look at tax trends in the area. Will the property be easily marketed when you wish to sell? |
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5. Failure to understand the home buying process. Once you select a home, get involved. Your agent should be willing to spend time with you, and don't hesitate to ask questions about anything you don't understand. Have him/her explain the negotiation, financing and escrow process and other elements involved in the transaction. Home buying involves knowing price as well as what's inside and around the property. Consider all options carefully. For most families, this may be the most important purchase of a lifetime. |
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The home buying process is really a straight forward and logical procedure. If you keep this in mind, and avoid the common mistakes, you'll do very well. Ms. Gail C. Lumbruno |
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