In the market to buy a home? You may have already realized that the process involves many different aspects that require certain levels of knowledge. Chances are some of the process might be a bit foreign to most. By aligning yourself with a team of professionals, you are sure to avoid some of the most common home buyer mistakes. Below are suggestions to help avoid many mistakes home buyers make.
1. Hire the Right Realtor. Notice it says Realtor verses agent? Personalities and experience levels range greatly, just as with any profession. Consider interviewing several Realtors before deciding on which one to hire. Do you want a Realtor who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned Realtor who gets you the best deal but has less than stellar people skills? The choice is yours, neither being better than the other, yet it will make a difference on how you feel about the process.
2. Interview At Least Three Lenders. This simply means you need to take the same process as with a Realtor but also compare rates and loans and ask questions suited to your situation. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail.
3. Be Ready To Act. In desirable areas there may be a large amount of competition. Many buyers may be looking at the same homes as you. If you hesitate, you may very well lose out on your dream home. The best advice? Don't begin the process of viewing homes unless you are really ready to buy.
4. Think Longer Term. You like the house, you can deal with the small bedrooms and laundry room in the garage but will the next buyer? You must remember to consider the resale value of a home. Statistics say the average homeowner moves every 7 years. Is the neighborhood appreciating or are homes losing value?
5. Be Real. We all want to buy a home for the best possible price but respect the sellers point of view. You may view a low ball offer as an advantage but a seller may view it as an insult and refuse your offer. If you really want a home be reasonable with your starting bid.