There are four mistakes that buyers tend to make when they’re in the market for a home. Learn what they are and why you should avoid them right here.
There are four mistakes that homebuyers in the market should be careful to avoid, or they risk derailing the transaction, if not killing it altogether:
1. Intending to move too quickly. Whenever you sell real estate, the fees can be pretty expensive. Sometimes I see people who buy homes with the intention of living in them for only two or three years before they move again. That’s a really financially risky move because if the market goes down or flattens out, you’re not going to make as much money when you go to sell that home again.
2. Buying at the top of your price point. This means that buyers can only barely afford the home, which makes me nervous. My recommendation is that you should not, if possible, buy a home that’s near the upper edge of your price point. Make your purchase a little more conservative, and maybe that will help you make your monthly payments a bit easier.
3. Buying too cheap. The point of a home purchase is to buy a home that you want, that you’ll live in for a long time, and, hopefully, one that’s below your means. If you do that, you’ll be a lot happier with it over the long-term.
4. Not consulting family members. I recently had an experience where I sold a $600,000 home to a buyer. However, when they bought the home, they never moved in because they hadn’t consulted with the children, who didn’t want to move. Be sure to talk to everyone in the family before you begin the purchasing process so you’re sure that it’s the right move for everyone.
If you’re looking to buy a home, we’d be excited to work with you! We have a team of buyer’s agents who really understand the market and will help you reach your goals. So if you have any questions, don’t hesitate to reach out to me.