Seven Mistakes to Avoid When Buying a Home

1. Letting the seller know your level of interest. The less the seller knows about your level of interest the better off you are in negotiating with them. This holds true in all purchases! Keep your excitement to yourself and you may be able to save thousands of dollars.

2. The three L’s of Real Estate are Location, Location, Location. Don’t ever forget that! You can always change things about the home. You can never change the fact that you’re on a busy road or next to a crummy apartment building. Location is important for a number of reasons. Local schools, access to areas of employment, recreation, and proximity to higher priced and better neighborhoods. Keep this in the forefront of your thoughts.

3. Focus on the “bones” of the home not the fluff. The “bones” is referring to the general condition of the foundation, roof, structure, and mechanicals of a home. These are the areas that will cost you the most money to change. If they are okay the other parts of the home (the fluff) is easy to change. You can easily paint and change carpet, but fixing a leaky foundation or replacing a roof can be extremely expensive.

4. Hire an inspector! For a nominal cost of a few hundred to possibly one thousand dollars you can and will likely save thousands on future repairs. Make sure you are present when the inspection is in process because you can learn a lot about maintenance from the inspector while they check out the home.

5. Take your time! It is better to lose out on a good home or two because you were too slow to make your move than to buy the wrong home.

6. Shop around for a Mortgage broker. You will receive different quotes from each broker. Don’t be afraid to shop around and get the best deal. In the same right don’t be afraid to walk away from a broker or loan officer that changes the terms of your mortgage (even at the last minute). I have seen this way to many times: One person gives you a way better deal than the other brokers and then right at closing or days before. This isn’t always the broker’s fault, but when it isn’t your fault make sure you find another source to get your mortgage.

7. Check out the neighbors! I can’t tell you enough how important it is to walk right up to the homes around you and introduce yourself to your potential neighbors. Are they friendly, neat and quiet, or are they unfriendly, loud and are the proud owners of a backyard full of crap for you to overlook in the upcoming years! Another great thing to learn from meeting them is info on the home you are buying. It is amazing how much the neighbors will tell you about the neighborhood, the sellers and the home itself. This small investment in time will pay huge dividends in your search for a home.

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