REAL ESTATE UPDATE
4 Mistakes

Buying a home should be a positive, exciting experience. To make sure that it is, it's particularly important for first time (and even second and third time) buyers to watch for potential mistakes. Here are the top four mistakes to avoid.

  1. Assuming there's only one perfect home for you. You could search endlessly and never find a home that has everything you want. Remember things like paint colors and carpeting can easily be changed. A home that is in less than perfect condition could be a bargain, if you can handle repairs. And if appliances aren't included, you can always provide your own. Keep in the mind that the home's location is permanent and you won't be able to increase its size without considerable effort unless there's extra space you can finish. Think about where you're willing to make compromises and where you're not, to make the decision process easier.

  2. Being in a hurry. While it may be tempting, try to avoid hastily making an offer on the first house that captures your fancy.  Go over your list of wants and needs (or make one) and be sure the home you’re considering fits your criteria as closely as possible.  Make proper arrangements beforehand, including getting your credit in order and arranging for financing.  And always work with a qualified, professional representative.  A responsible, trustworthy real estate agent who is working for you will save you time and money.  We are aware of the pitfalls that can be associated with buying or selling a home, and can offer guidance every step of the way.  

  3. Overbuying. Just because you can technically afford something doesn't mean you should buy it. Don't become house poor. If every dime goes to your house payment, you'll have nothing left over for anything else. This can quickly become stressful, and can lead to problems if things go wrong. Leave yourself a financial cushion for recreation, home improvements and repairs, and other unexpected expenses that will inevitably arise.

  4. Skipping the inspection process. You may save a few hundred dollars by going without the recommended inspections, or by having an unqualified person look for potential problems rather than paying a qualified expert. But it could cost you much more down the line. Professional inspections are worth their weight in gold. You'll get an extensive list of the condition of everything in the house, from faucets to heating / air conditioning to windows. Many inspectors also provide a list of repairs that should be made immediately and ones that may be required later. This information will not only help you understand if extra dollars for repairs will be needed before you can move in, but will help you budget future upkeep costs because you'll know the lifespan of these items. Some items your home inspector may not check include the roof, foundation, well and septic, and fireplace and chimney. Consider the extra cost of having these inspected if the home is older or its history isn't available. A few extra dollars spent today can save thousands down the road.


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Shari Noctor

ABR, CRS, CSP, e-PRO, GRI, MBA AB-061614L

phone: 610-266-5241


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