Buying a home is always an exciting, some times frantic and overwhelming experience. There are so many questions, choices and decisions to make. With all of these obstacles and challenges ahead of you, that last thing you want to do is to get in your own way. Yet, far too often that is exactly what happens. Buyers can very easily become their own worst enemy. Here are some common mistakes we’d like to share with you in an effort to help you avoid them.
1. The Devil is in the Details.
You want to toast the memory of unlocking the door to your home, not rue the day you closed. This will probably be the biggest purchase of your life. Think it through down to the minor details before you purchase. Ask yourself questions like: Do I picture living in the house10 years from now? What activities do I want to do outside of the home and where? How will everyone get to school and work? By answering these questions, you will learn what you can and can’t live without.
2. Ignoring Important Information.
The nitty-gritty details of buying a home, like disclosures, inspections, and loan documents seem more for bed time reading than important decision making material. It is the buyer’s responsibility and there’s alone to read, understand and decide what to do with the information provided by these documents. If you don’t know, ask questions— even if you’re afraid of sounding silly. Make sure you know what you’re signing before you sign them.
3. Sabotaging Financials.
So many buyers become their own worst enemy when trying to close a deal. Mistakes include increasing credit card debt, buying a car, changing jobs, or paying bills late. Before making any major financial changes in your life while you are waiting to close, consult your lender, real estate agent and financial advisor first.
4. Failure to Launch.
When it comes time to make a move, some buyers just can’t pull the trigger. Maybe they hesitate to make an offer, or they’re slow to get their documents to the broker, or they wait so long to review inspection reports that they freak out and consider pulling out of the deal. He who hesitates is lost.
It is so important that you educate yourself before you begin your search so you know exactly what you want and can act fast when you see what you’re looking for. Once you’ve found what you want, you need to act. Almost everything in real estate has a shelf life or a deadline. Know what you’re getting into, understand what you will need to do to get what you want and then execute. The more work you put in now, that happier you will be later.