Buying a home is a very emotional process, but if you allow those emotions to get the best of you, you may fall prey to a number of common home buyer mistakes. Since buying a home has many far-reaching implications - ranging from where you will live to how hard it will be to make ends meet - it's important to keep your emotions in check and make the most rational decision possible.
There are eight common emotional mistakes that people make when buying a home. Avoiding these pitfalls will help you find the best home-sweet-home.
Mistake 1: Falling in Love With a House You Can't Afford
Avoid the temptation to get in over your head financially and avoid the disappointment of feeling like you're settling.
Mistake 2: Assuming There's Nothing Better Out There
If there are snags with the home you've decided you like - such as major repair issues, an inflexible asking price or a difficult possession date - consider moving on. Being open to keep looking will save you from making rash decisions you might regret later.
Mistake 3: Being Desperate
If you have time on your side, it's OK to wait until something that suits you comes along - as long as your demands are realistic for your budget, you are bound to find something you live with.
Mistake 4: Overlooking Important Flaws
Carefully consider your options before you make a commitment, and consider waiting until something better comes along. New houses come on the market every day.
Mistake 5: Overestimating Your Handyman Skills
Don't buy a fixer-upper that's more than you can handle in terms of time, money or ability. Honestly evaluate your abilities, your budget and how soon you need to move before purchasing a property that isn't move-in ready.
Mistake 6: Rushing to Put In an Offer
Balance the need to make a quick decision with the need to make sure the home will be right for you. Taking the time to consider the decision gives you a chance to research how much the property is really worth and offer an appropriate price.
Mistake 7: Dragging Your Feet
The more time and energy you have to take out of your normal activities to search for a house, the less time and energy you have available to work. Don't underestimate how time-consuming and routine-disrupting house shopping can be.
Mistake 8: Offering Too Much
Make sure the purchase price for the home you buy is reasonable for both the house and the location by examining comparable sales and getting your agent's opinion before making an offer.
It's natural for emotion to come into play in the home-buying process. Buying a house is a big decision, but this is exactly why you need to ensure you are making rational choices, rather than getting wrapped up in the notion of a dream home. Slow down, overcome your emotions and, ultimately, make a home-purchase decision that's good for both your feelings and your finances.
The above article was written in part by Amy Fontinelle and obtained from www.investopedia.com.