Common Home Buying Mistakes

A Must Read for all Home Buyers!

by Jacquelyn Brinker, Branch Manager, Union National Mortgage Company

In Part I on this topic, we’ll discuss three common mistakes home buyers make when considering purchasing their first, or even subsequent homes.

Confusion. Many potential homebuyers find themselves very confused during the home buying process. Often so confused that they suffer “buyer’s remorse” after signing a sales agreement. Avoiding common home buying mistakes can not only lower stress, but allows the buyer to focus on potentially the largest purchase of a lifetime. So, what are common mistakes?

1. Lack of preparation - many buyers find themselves “in love” with a home, without having prepared for the purchase. Do the research! Sit down with a mortgage professional who can pre-approve you for your purchase. Most Realtors® and sellers will not entertain an offer from a buyer who has not been preapproved. The time it takes is minimal (less than thirty minutes) and will help define the criteria for your home search. Items such as ideal monthly payment, costs involved in the purchase, credit review, and best mortgage program available will enable the buyer to be prepared for the greatest shopping experience of their lifetime. Not being prepared – is like ordering dinner for four at your favorite restaurant with no money and no credit cards in your pocket.

2. Plan your needs - no one knows what the future holds, yet many buyers purchase a home as though they will live in the home “forever.” Nationally, the average length of home ownership is just under six years. Consider making buying decisions to fit today’s needs and those of the next five to seven years. Life has a way of surprising us, and housing needs are no exception. Dramatic changes occur even in the space of a few years. Just as you live your life one day at a time, trying to plan twenty or thirty years into the future may not be practical. Changes in health, financial status or family may require a change of address that had not been planned. Your decision should be based on logic first, not emotion. Try listing your needs on a tablet and thinking each item through. There is no “perfect” home, but you want to find a home that meets most of the needs (not necessarily wants) you have identified.

3. Taking too long to make your decision – Only a foolish person would rush into a home purchase. It is a big commitment and should not be hastened. However, letting caution get the better of you can be just as real estate connection Common Home Buying Mistakes by Jacquelyn Brinker, Branch Manager dangerous. Assuming a home will still be available after weeks or months while you take the time to dwell on the decision can cost you your dream home and money when property values are on the rise. Proceed cautiously, but being prepared and ready to move forward when the right home presents itself is essential. Viewing every home on the market can be fun, but if you choose your area, school district, a solid timeframe and other criteria, chances are you will have a good selection. Waiting for the price to drop, or any other issue which the buyer cannot control, simply is not prudent.

Next month, Part II of Common Home Buying Mistakes, because “Your Home Loan Matters”!

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