When buying things, we all make mistakes from time to time. However, some mistakes are far more costly than others. For example, if we order the wrong dish at a restaurant or see the wrong movie, we lose a little money and time.
But if we fail to choose a smart home security company or buy the wrong house, our regret could last for a lifetime.
To help you avoid this latter catastrophe — buying the wrong house — here are five massive mistakes that you definitely want to avoid:
- Exceeding Your Budget Don’t depend on your home dramatically appreciating in value over the next few years. Yes, this can and does happen. But unless you’re an experienced and seasoned real estate speculator, focus on getting a home that you can afford and that is under your pre-approved mortgage limit (don’t forget to factor in closing costs, too!).
- Not Investigating the Neighborhood An ideal house at an affordable price won’t make you happy if you’re stuck in a neighborhood that is noisy, unsafe, or located so far away from shopping and work that you spend an excessive amount of time driving back and forth. Make sure that you investigate the neighborhood before signing on the dotted line — not after.
- Being Pushed into Making a Purchase Real estate agents only make money when they buy or sell homes. Unfortunately, this causes some of them (though not all of them) to become aggressive and pushy. If you feel intimidated or uncomfortable, then take a step back and have frank, direct conversation with your agent about what kind of behavior you deem acceptable, and what you don’t. If that doesn’t solve the problem, then find a new agent.
- Falling in Love with a Home There’s nothing wrong with feeling great about a home that fits all of your needs — and maybe a few of your wants and hopes as well. But falling in love with a home can be a disaster, because it limits your flexibility when it comes to negotiation. It can also prevent you from taking a hard, objective look at the property and neighborhood. In other words, you may be inclined to underestimate (or just plain ignore) some significant drawbacks and problems. Unfortunately, once you move in those drawbacks and problems will erupt. It’s just a matter of time.
- Not Getting a Home Inspection Last but certainly not least: unless you’re buying a brand new home that comes with a warranty, you absolutely must get a comprehensive home inspection by a qualified and experienced consultant or firm. If you skip this step, you could find yourself paying tens or hundreds of thousands of dollars in repair and replacement bills — and your home ownership dream could become an ongoing nightmare.
|