It's almost spring and you know what that means – you're about to put on your shorts and tee and start hitting those open houses! That’s right, if you’re thinking of buying a home it's time to get out there! And regardless of what you’ve heard, the process should be fun and exciting – so make sure you avoid the common pitfalls.
Here are 3 common mistakes buyers tend to make– or what I like to call “Err” factors - things that make you go “err, I wish I knew that beforehand”.
In Debt & Wanting to Buy
With housing prices continuing to increase and low interest rates dangling in front of you – it's very tempting to start the process of buying your next home. I wouldn't advise you to buy a home if you are not financially ready. Taking on more debt isn't going to help you in any way. Don't let your emotions get the best of you! Think of it as being similar to stocking up on things you don't need from Target just because they are closing down.
Skipping the Home Inspection
When you are ready to put an offer on a house, don't skip the home inspection! You are not buying something at Wal-Mart that you can simply return if you don't like it. You are making a milestone purchase and making a commitment. Ensure you do the home inspection – it may cost you a few hundred dollars, but it's a wise investment for a big purchase. Your inspection will include a thorough review of the home's structural elements and electrical, plumbing, heating and cooling systems. The inspector will provide you with a report which will allow you to negotiate with the seller in some cases.
Working with the Listing Agent
You may think “who knows more about the house I want than the agent that put it on the market?” And you’re right to think this way, it’s only natural. It's very tempting to get more information about the house from the agent that put up it up for sale – especially if you are not currently working with a realtor. Buyers do tend to occasionally work with the listing agent to purchase their home. This is when I bring out my big CAUTION sign and wave it in front of you until the messages hits home! Why? Remember, the listing agent was hired by the seller to sell their home and get the most money for the house.
Having said that, do you really think they are going to try to negotiate a lower price for the house on your behalf? Sometimes, you might find yourself in a situation where you will be working with a realtor who gets a listing that you want – even that is grey area – it's very difficult for one agent to look after the best interests of both the buyer and seller.
Next time you’re contemplating buying a home – call a good realtor who can provide you with some sound advice! If the agent is good at what they do, they should be able to provide you with the right information to boost your confidence and make proper decisions prior to signing on the dotted line!
Editor’s note: For more great tips and insights, check out Homes By Theepan!