Special Report

Top 10 Home Buyer's Mistakes


  1. Never buy the first home. Look at several homes before making a buying decision. Many first time buyers purchase a home because it is such an improvement over a renting situation.
     

  2. Choosing the wrong mortgage. Be sure to sit down with your Loan Officer to get all the specifics on the mortgage you are considering. There are many alternatives to the 30-year loan. Choose the one which best suits your needs.
     

  3. Failure to increase insurance coverage. Keep yourself aware of the changes in your home's value. As your home increases in value, your old insurance policy may not adequately protect your investment.
     

  4. Looking at homes you can't afford. Before you start shopping, take time to consider how large a payment you can afford. Get pre-approved if possible. This also prevents delay in closing. Exceeding your budget, after selecting a home, review all your figures. Don't forget to account for other home costs such as utilities, insurance, and property taxes. Your agent should be able to help estimate these costs.
     

  5. Buying a home that won't sell. Many first time buyers sell their home in just a few years. Carefully consider all the negatives. Get a neutral opinion from a friend or relative who is familiar with the area.
     

  6. Poor planning. If you are currently renting or leasing, be sure to check for an early release clause. Often times a landlord will subject a tenant to financial penalties, for leaving a lease prematurely.
     

  7. Don't be indecisive. Take all the time you need to make a sound home buying decision, but don't be afraid to commit to a new home purchase. "Cold feet " are natural, but don't miss out on your dream home.
     

  8. Buying the wrong sized home. View your home purchase in the long term. Consider lifestyle changes and family dynamics when choosing your home. Is a home-based business, or are children in your future plans?

9.  Buying a home in an unfamiliar area. Research the area around
    you. Look for stability in a neighborhood. Investigate area schools. Be
    careful when buying in undeveloped or new areas.

10. Failure to have the property professionally inspected for
     structural and mechanical defects.

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Bridgecrest Properties Inc., Broker

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