Eight Big Mistakes by Buyers
CHOOSING A POOR LOCATION
Even within a neighbourhood, location matters. Is it the busiest street? Is there a shopping center out the back window? Do you back onto a busy street? Are there several dog cages or runs nearby? Remember, never pay a quiet price for a busy location!!!
CHOOSING THE AGENT THAT WILL BE ASSISTING YOU IN YOUR QUEST
Does the agent have adequate experience in the business? Does he or she know their product? The agent should know enough about houses that when you order an inspection, you should feel the structure is worthy. Is the agent familiar with the area? Remember, you do not want to be a learning curve for your agent!!
WAITING FOR A BETTER MARKET AND INTEREST RATES
The famous money expert Warren Buffet says the rearview mirror is always clearer than the windshield. Remember, the only time you lose money in real estate is when you have to sell in a bad market; it’s much safer than the stock market.
NOT DOING YOUR HOMEWORK AND BEING PRE-APPROVED BY A FINANCIAL INSTITUTION
Knowledge is power. There is tremendous information on the web so there is no excuse for entering the market unprepared. Remember, know your limitations and don’t look for a new Cadillac if you can only afford a good used car.
OVERLOOKING AN INFERIOR FLOOR PLAN FOR AN ATTRACTIVE EXTERIOR
It may have a gorgeous curb appeal, but you don’t live on the lawn. No matter how attractive the exterior is, you need a livable home. Remember, don’t judge a book by its cover, many a plain exterior has wonderful surprises inside.
OVERLOOKING HOW THE HOUSE WILL FUNCTION FOR YOUR FAMILY
How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen, a great room and a den to use as a home office? The house only fits one family - yours. Remember, that doesn’t mean to buy some oddball home because you have unusual tastes – always consider resale.
NOT HAVING THE HOME INSPECTED
This is no time for surprises. Get an inspection from a qualified respected professional. Ask the agent and other people for references. Remember, some Home Inspectors are better qualified for different types of homes and some may not give you your money’s worth.
NOT BUYING AT ALL
If you have the capability and you don’t purchase, you can lose building equity and the appreciation in value. Most people cannot save money fast enough to keep up with the appreciation of a home. Remember, renting is paying a 100% interest.