Don’t get caught up in the wave of excitement to the extent that you make some costly mistakes in the path to homeownership. Think strategically. If you do that you can avert disappointment and make buying a home the smartest decision you ever made!
HERE ARE THE TOP THREE THINGS TO AVOID WHEN YOU BUY A HOME (and it doesn’t matter if it is your 1st or your 15th):
1. SHOP BEFORE KNOWING WHAT YOU QUALIFY TO BUY. This can set you up for disappointment when you have fallen in love with a $300K home and only qualify for a $150K one. Know what your budget is before walking into that first house! There are other choices to make once the lender sets the stage — loan type and terms. You are in charge and best to know all this before you jump in.
2. NOT TRUSTING YOUR INSTINCTS. This is a big one but not so easy to discern. Is is buyer’s remorse, or instincts telling you this is the wrong decision? The best defense is knowledge, research and guidance of a good realtor. You need input from an outside, trusted source to let you know what you are feeling is valid or perhaps a bit of nerves.
3. PLANNING TOO FAR AHEAD. I can’t tell you how many of my clients say … well I am buying so my sister and her three kids can move here in case she leaves her husband or I want to buy in case my mother who is spry and 60 years old needs to come live with me. This is very considerate but will either of these scenarios happen? What are the odds. You need to think of your own needs and immediate life plans when you buy.