Three Major Mistakes Every Home Buyer Should Avoid

Major Mistake #1: Thinking you can’t afford it.

Many people who thought that buying the home they wanted was simply out of their reach are now enjoying a new lifestyle in their very own homes.

Buying a home, especially in today’s economy, could be the smartest financial decision you will ever make. In fact that many homeowners would be broke at retirement if it wasn’t for one saving grace — the equity in their homes. Furthermore, tax allowances favor home ownership.

Of course, there are peaks and valleys, but the long-term trend is that real estate values increase over time. This means that every month when you make a mortgage payment, the amount that you owe on the home goes down and the value typically increases. This “owe less, worth more” situation is called equity build-up and is the reason you can’t afford not to buy.

Even if you have little money for a down payment or credit problems, chances are that you can still buy that new home. It just comes down to knowing the right strategies, and working with the right people.

Major Mistake #2: Choosing a home inspector on cost alone.

Buying a home is the most expensive purchase that most people ever make. The cost of a home inspection is not the place to cut corners! This amount is almost insignificant relative to the value of the home being inspected. As
a home buyer, you have recently been crunching the numbers, negotiating offers, adding up closing costs, shopping for mortgages, and trying to get the best deals. Don’t stop now! Don’t let anyone talk you into skimping here.

There are a few home inspection companies with a staff of experienced professionals that offer competitively priced services and are known for consistently providing quality inspections. AZ Home Inspectors is one of
them.

Major Mistake #3: Not hiring a buyer’s agent to represent you.

Buying property is a complex and stressful task. In fact, it is often the biggest, single investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicated. New technology, laws, procedures, and competition from other buyers require buyer agents to perform at an ever-increasing level of competence and professionalism. In addition, making the wrong decisions can end up costing you thousands of dollars. It doesn’t have to be this way!

Work with a buyer’s agent who has a keen understanding of the real estate business and the local market. A buyer’s agent has a fiduciary duty to you.

That means that he or she is loyal only to you and is obligated to look out for your best interests. A buyer’s agent can help you find the best home, the best lender, and the best home inspector in your area. That inspector should be highly qualified, which typically means being well trained and having many years of experience.

This entry was posted on Wednesday, February 13th, 2013 at 4:58 am and is filed under Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply