Obviously buying a home is a very exciting time and can be a
lot of fun. Looking for your dream home can also be a nightmare if you allow
your emotions to rule the day. Remember, you have to make that house payment every month for many years to come and
if you’re not careful you could bite off more than you can chew. Here are the 7
most common mistakes that house hunters make.
Offering
More than the Home is Worth
I’ve seen this happen more than once and it’s very easy to
understand. After months of searching a couple finally finds the home of their
dreams. They’re so excited and worried that it will slip through their hands
that they make an offer that is more than what the home is actually worth.
Buying a new home should not start with owing the bank more money than the value
of the home. My advice to these folks is to slow down, take a breath and make a
reasonable offer.
“Settling” for a Home that is not what You Really Want
I often compare house hunting to
searching cable TV for something good to watch. Sometimes a great movie is
coming on in 10 minutes; other times you can’t find anything you want to watch.
If you’re finding that your search is taking longer than you expected don’t
give up. The home you want is out there and making an offer on a home that is
not what you really want is a big
mistake that you will have to live with for a long time. When you find the
right home you will know it and the wait will have been worth every second!
Haste Makes Waste
OK, you’ve found the house of your
dreams and you want to make an offer immediately, but did you do your homework?
Before you make an offer make sure that you investigate the area thoroughly.
Does a train pass close by at 3 am every morning? Is the neighborhood safe? Does
your street tend to flood in heavy rain? There’s much more to consider when
buying a home that just the home itself and a hasty offer just might be a
mistake. Remember the old saying, “Be careful what you wish for”.
Love is Blind
The infatuation of finding that
new home can cause one to miss the obvious. Make sure to check the important
things in the home before plunging in. New paint and shiny wood floors can hide
a lot so take the time to make sure that the essentials are there such as all
of the electrical outlets are working and there are no plumbing leaks and so
on. Don’t let the glitter blind you to the obvious. I remember a buyer years
ago that just couldn’t wait to buy that special house. Now they finally had a
garage to put their boat in. Too bad it didn’t fit.
Don’t Forget How to Count
No matter how much you love that
house on the hill if you can’t afford it, don’t try. Keep your expectations
realistic and STAY WITHIN BUDGET. Upgrading to a home that will cause financial
hardship is not part of the American dream and when the excitement wears off
you will find yourself wishing that you had not overextended yourself. There’s
nothing worse than finally getting what you want only to lose it. Yet another
old saying comes to mind; “T'is better to have loved and lost than never to
have loved at all”. When it comes to your home this is definitely not the case.
Don’t Let a “Fixer Upper” Become a “Fixer Downer”
Its fine if you’ve made the
decision to buy a home that needs some work but you must be realistic. Are you
positive that you have the money, time AND ability to do the job right? If you
have no experience at this type of work or work a demanding schedule you just
might find that getting it done is a bit more than you can handle. I’ve heard a
lot of horror stories when it comes to this situation so if you’re not 100%
confident that you have the ability (and patience) to fix up your home the way
that you envision it you might want to consider a residence that’s move-in
ready.
The Tortoise Does Not Always Win the Race
I had mentioned earlier not to
rush into making an offer before due diligence. The same can be said of
procrastinating. If you really love
the home and you have done your
homework than it is time to make an offer! Just be sure to make an offer that’s
fair to both you and the seller and you’re on your way!
If you can avoid these all too
common pitfalls you will soon find yourself in a home that the entire family
loves and you’ll know that you made the right decision. Just remember to keep
your emotions in check and approach your home search as if it were any other
business transaction – be rational and calm.
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