Buying a home is an exciting yet overwhelming process. It is likely the largest financial investment that you will make in your lifetime. Therefore, it is essential that you are well-informed and guided throughout the entire process. Avoid ‘buyer’s remorse’ by escaping the common buyer mistakes listed below.
Budget: The most important thing when you begin your home search is to be accurately informed and aware of your budget. Be sure to be pre-approved for a mortgage so you know exactly what price range you can look into. Also make sure that you are aware of all the additional costs associated with buying a home (such as lawyer fees, taxes etc…). Being aware of exactly what you can afford avoids you wasting time looking at homes that are out of your price range. This should keep you in check and help you to be realistic about where you are looking.
Lack of direction: It is so easy to get wrapped up and excited by a beautiful home, but its also just as easy to lose sight of what your essential features are. For example, you might need three bedrooms, but are attracted to a home with two. Before you begin the house hunt, be sure to make a list of wants and needs (remember, the two are different). This will give you direction when you begin to look at homes and help to keep you on track. Focus on your needs to guide you and work with the wants.
Going at it alone: As the home-buying process is so overwhelming, it is not recommended to go through this process without the help of a qualified REALTOR®. A professional will ensure that you have crossed all your T’s and dotted all your I’s. There are a number of convoluted legal terms and provisions that go into the home sale transaction and it is essential that you are well-informed and guided throughout the entire process. Be sure to enlist the help of a REALTOR® when you begin your house search.
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