5 Major Mistakes Homebuyers Make

Mistakes homebuyers make

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When it comes to buying their first home, there are some mistakes homebuyers make. But with a little homework and due diligence, the process of home buying can be smooth and without stress.

If you take the time to consider these steps before you begin your hunt and manage to avoid these mistakes that homebuyers make, then you will be the proud owner of a home before long.

So alleviate some stress from your life and get into your first home buying experience in good graces.

Mistakes homebuyers make #1

Thinking your credit is awesome

Some know it and some don’t, but even if you think that your credit is awesome because you pay your utility bills and credit cards on time and don’t carry tons of debt, if you don’t check your credit, you may be in for a rude awakening.

Your credit score affects every part of home buying, so consult your lender and get advice on how to correct any credit issues right away.

Mistakes homebuyers make #2

Not prequalifying

Before you begin hunting for a home, find out how much home you can afford first. Visit your lender and have a solid number in hand so that you can begin hunting for a home that you can actually afford and so that the home seller can take you more seriously.

Of the many conditions you can list in an Offer to Purchase, qualifying for a mortgage is probably the most frowned upon.

Mistakes homebuyers make #3

Forgoing the home warranty

If the seller is not offering a home warranty, ensure that you make it part of your written offer. A home warranty can end up saving you thousands of dollars in repairs, if they are needed.

Offered at a nominal fee, a standard home warranty covers electrical, plumbing, central air and even major appliances in the home.

Mistakes homebuyers make #4

Not getting a market analysis

Do your homework. If you want to make sure you are getting a great deal, check out homes that were recently sold in the area – not what homes sellers are asking for their homes – and ensure that you are getting a good deal.

Keep in mind that you need to consider not just the square footage, but also what is included in the home (stainless steel appliances, window treatments, high end materials like quartz counters, faucets and hardwood floors, etc.). Oftentimes, home sellers who are selling without commission tend to have a market analysis report in hand.

Mistakes homebuyers make #5

Forgetting the home inspection

Too often, homebuyers are so excited about finding their ideal home that they forgo the home inspection. Your Offer to Purchase should be contingent on the home inspection. And don’t just hire a friend’s brother, either. Find a certified professional who uses infrared technology to find out what’s going on beyond the walls.

Ideally, the inspection will provide you with some wiggle room with the price if any repairs are required.

If you’re ready to buy or sell a home and forgo commission, visit ComFree.com today.

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Rosy Saadeh

About Rosy Saadeh

Rosy Saadeh is a Social Media Manager and Marketer and spends her time scouring the net trying to make new friends, help clients and post interesting stories about real estate and the like in Canada. Connect with her on Twitter, Facebook, Google+, and Pinterest.

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  1. Pingback: How to Get What You Pay For When Buying a Home | Blonde & Balanced

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