Things to Avoid When Buying Your Home

By: Craig Berger

Purchasing a home is almost always the largest investment people ever make. However, such a heavy decision is often made too quickly before realizing the enormity of the home ownership. Avoid these buying mistakes and you will be enjoying your new home, not regretting it.

Avoid Buying A Home Alone

Home buying is complex and gets complicated when you don't know what you're doing. Hiring a real estate agent is always a good idea, especially for first time homebuyers. The right mortgage lender, home inspector, real estate attorney and insurer all are equally important in ensuring you get the best deal for your money. Talk to friends and family as well about acting as referrals for loans or recommending real estate professionals in your area.

Avoid Not Being Qualified For Home Loans

A home loan is harder to obtain now as banks and mortgage companies crack down on borrowers with bad credit and no money to put towards the down payment. Getting pre-qualified and pre-approved lets you know the amount of money you can borrow without being sucked into a loan agreement you cannot afford. House hunting with a specific amount of money in mind keeps you from overbuying, which can lead to serious debt as you try to get a mortgage to cover all the costs, including closing costs, moving and maintenance.

Avoid Overbuying Or Taking Bad Offers

Figure out your budget and needs first before searching for listing. Always investigate the neighborhood and community of where you want to buy a home before doing so, no matter how much you love the place. Never rely on oral agreements -- get it in writing. Do not skip the details of the contract because such a huge transaction deserves your utmost attention.

Get copies of the mortgage papers a few days before closing and make sure you can get home insurance that covers anything that could happen in the area. Hire a home inspector separate from the one the lender sends to tell you if there are any major defects or damages you will have to pay for later. Start house hunting and find a great new home today!

Property Tips
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Property Tips
 



Share this article :
Click to see more related articles