Top 5 Mistakes Home Buyers Make, which can Prove Costly

Buying a home is easy right? All you need to do is go take a look at 3 homes, then reconveine with your agent in the coffee shop, and decide on which one you want. Easy. Or at least thats what TV shows will make you believe. Buying a home can be a maze of challenges, and although AI can help people research more now, there is still no substitute for a well experienced Real Estate Agent who can guide you thourgh the process and help you achieve your goal. 

Here is my Top 5 list of mistakes, or practices buyers are unaware of. 

 

1 -  Not Getting Pre-Approved First

Too many buyers start shopping before talking to a lender. Without pre-approval, you:

• Don’t know your true budget

• Risk falling in love with a home you can’t afford

• Look less serious to sellers

✔️ Fix: Get fully pre-approved (not just pre-qualified) before touring homes. I can refer you to some great lenders. (Not all lenders are created equally - after 20+ years in teh business, I've seen some good ones, and some....well, not so great ones that can cost you $ in the long run)

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2 - Focusing Only on the Purchase Price

The monthly payment includes more than just principal and interest. Buyers forget about:

• Property taxes

• Insurance

• HOA fees

• Maintenance & repairs

✔️ Fix: Calculate your true monthly cost before making an offer. If it's not comfortably affordable, then we may need to adjust expectations.

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3 - Skipping or Minimizing the Inspection

Waiving inspections to “win” the deal can backfire. Hidden issues can cost thousands after closing.

✔️ Fix: Always do a thorough home inspection — even in competitive markets. Again, home inspection companies are not all the same. My approved list of Home Inspetors will help you avoid potential issues after closing.

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4 - Making Big Financial Changes Before Closing

Buying a car, opening credit cards, or changing jobs during escrow can:

• Lower your credit score

• Increase your debt-to-income ratio

• Kill your loan approval

✔️ Fix: Keep your finances steady until after closing. DON'T BUY ANYTHING (other than food and living expenses etc)

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5 -  Letting Emotions Take Over

It’s easy to:

• Overpay in a bidding war

• Ignore red flags

• Stretch beyond your comfort zone

✔️ Fix: Treat it like a business decision. The right home should make financial sense too, and I'm here to coach you through the process and provide you information so you may make an informed decision. 

 

Contact me if you want to discuss my buyer services in more depth.