Housing Pitfalls to Avoid

You’re on the hunt for that dream home, but don’t be caught by a few of these common pitfalls buyers routinely go through. Know them ahead of time so that you can maximize your success in finding that perfect place. The number one blunder that buyers must worry about is missing that ideal home because someone else got to it first. Hundreds of new homes hit the market every day, so you’ve got to be on the watch for the one you want so that it doesn’t slip by unnoticed. Check up on active listings in your area here. Once you find the right home, make sure you choose the right lender. Nothing is worse than landing that dream pad and not having your loan come through. Take time to interview a few lenders to find one you feel confident in. Also consider finding a preferred lender. These folks earn their preferred status by consistently delivering loan closings for their clients.

Another common mistake that buyers make is fixating on price per square foot. If you are using this as one of your search criteria, you may be led astray. These figures are often inaccurate and can guide you away from what might be a great buy. Next, don’t be caught rushing into a home out of desperation. Often times buyers will get repeatedly outbid and end up placing a ridiculously high bid on a property that is really not worth their time. Be patient because your home is out there. For as much of an investment as buying a home is, make sure you feel comfortable with your decision. If you need immediate housing, have your agent recommend short term or corporate rental options while you are on your search for something more permanent.

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Seller disclosures are mandated by state and federal housing law, but that doesn’t always mean sellers can be completely reliable with them. If you get serious about buying a home, hire an inspector to come out and give you the full run-down on it. This could save you thousands of dollars if an issue does come up. Don’t forget, inspectors can provide leverage when it comes time to negotiate. Lastly, don’t get caught buying a “fixer-upper” when you aren’t prepared for the actual expense you’re going to incur. Often times these projects actual costs are hard to predict and buyers can end up getting roped into something a lot more expensive than they anticipated. If in the event you are in the market for something to fix up, your agent will have contacts to contractors and tradesmen. It never hurts to take them along on the visit to get their estimates.

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