Do You Know How To Avoid The Four Most Common Mistakes Made When Buying A Home?
Buying a home is one of the biggest purchases of your life and you want to be cautious that you don’t make any mistakes that you’ll regret later on. Here are the top four most common mistakes made when buying a home, along with tips on how to prevent yourself from doing them or how to recover if you have already made them.
Mistake #1: Not Getting Pre-Approved
The biggest mistake made by homebuyers and is the first thing you should do if you plan on buying a new home!
How to Prevent: Easy, get pre-approved! By getting pre-approved, you’ll be able to search for homes that affordable for you, while also putting you in a strong negotiation position when you make an offer.
Mistake #2: Not Using a Qualified Agent
If you’re not sure why you should use a buyer’s agent, (See below)
How to Recover: It’s never too late to get an agent, even if you’re already at contract, they can help with all the legal and negotiation aspects.
Mistake #3: Not Getting a Thorough Inspection
Getting a thorough inspection is the only way you’ll know you have real knowledge about the house.
How to Prevent: Hire a licensed home inspector. They take the emotion out of inspecting a home and give you a real, critique about the home you’re thinking to purchase.
How to Recover: If you didn’t hire a home inspector, try to get a good home warranty in case any issues do arise in the future.
Mistake #4: Focusing on Wants, Not Needs
This mistake is usually made by first-time homebuyers, but can happen to even the most experienced homeowner.
How to Prevent: Make a list of must-haves and refer to it when you’re house hunting. Make sure it is a list of NEEDS not WANTS.
How to Recover: If you’re in negotiations and realize you made this mistake, try using provisions of contract to either get out of the deal or fix the issues before you close.
10 Reasons You Need a Buyers Agent
Due to the age of the internet, you may think you’re able to find your dream home without the help of a realtor. However, here are ten reasons why you still need a buyer’s agent:
1. Convenient: Researching and scheduling showings can consume a lot of your time. Why not let someone who does it for their job do it?
2. Market Knowledge: Realtors understand the market, making it easier for them to find the best home at the right price for you.
3. Insider Knowledge: Not only do they know the market, they also have access to know what homes aren’t on the market, but looking for buyers.
4. Identify Your Needs: You probably have a ton of things you’re looking for in a home. Realtors are able to rein you in and prioritize your needs so it’s not impossible to find your dream home!
5. Access to Comps and Sales Information: Knowing what other houses similar to yours sold for will come in useful when you start submitting offers.
6. Professional Negotiation: Speaking of making offers, it can be a very scary and daunting experience! Realtors have done this many times and will help make it easier on you.
7. Mitigater of Emotions: Buying a house is very emotional. A realtor will remove any emotions associated with the sale and get you your home at a great price!
8. Professional Connections: to get to the closing table, you have to go through a lot of professionals. A realtor already knows and has worked with these professionals, so you won’t have to take extra time to find your own.
9. Knowledge of Industry Standards, Legalities and Writing a Contract: Do you know the rules to all of these? Enough said.
10. And if the top nine reasons didn’t convince you yet, then this one definitely will: A buyer’s agent is free! The agent is paid by the seller through commission. So you really have no reason NOT to use a buyer agent.
Did we miss any reasons you use a buyer’s agent? Let us know!
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