As you consider the purchase of a new home, your search will require a tremendous amount of information to help you make the right decision. Items such as floor plans, communities, interest rates, and mortgages are all important parts of the process that you must research and understand to assist you in your purchase decision. Here are the 10 biggest mistakes in home buying from David Weekley’s book How to Buy a Home Without Getting Hammered!
(1) Not doing your homework. With all of the information available today on the internet, from REALTORS, and in housing guides, there is really no reason for entering the market unprepared.
(2) Trying to make a shrewd investment. As simple as it sounds when buying a home, your best bet is to choose one that appeals to you. Chances are that others will like it too.
(3) Choosing a poor location. Nothing spoils life and resale value like a poor location.
(4) Overlooking an inferior floor plan for an attractive exterior. You want a home with a layout that makes people feel comfortable and that responds to the way we live today. Open. Friendly. Functional.
(5) Not considering how your family wants to live. This home only needs to fit one family – yours. It’s not about choosing a home your family or friends would like.
(6) If buying a resale, not having the home properly inspected. Always arrange to have a home inspection done so that you will have a written report with all items that need to be repaired before you close the purchase.
(7) If buying new, failing to check out builder’s reputation. Builder’s have only one thing of real value: their reputation. If the one you are considering doesn’t have a good one, they should not get your business.
(8) Not getting what you want because you are impatient. This is the single largest investment most of us will ever make. It requires an enormous amount of energy, effort and research. It takes time to do it right.
(9) Buy low. Sell high. There is no time like the present as there is no way to predict the future and history shows that those that purchased homes and kept them for three to five years or more did better than those that did not.
(10) Not Buying at All! No place to call your own. No control. No tax break. No appreciation. No equity. No kidding.
Steve Lester is a REALTOR living in Allen, Texas.