Yahoo Real Estate usually delivers insightful advice into real estate. In a recent article, Yahoo posted 10 common buyer first-time buyer mistakes. The article really hits home, both in the current market and in any home buying time. As part of our video series, we will also discuss similar mistakes in an upcoming post next week.
One of the biggest problems and mistakes home seekers make is No. 2 on Yahoo’s list: Skipping Mortgage Qualification. This is like going grocery shopping without knowing what is in your wallet. Knowing what the bank will lend you combined with your down payment allow you to start searching within a price range. In addition, you might go through the entire process of signing a contract and then watch it all fall through at the end. Not only does this waste your time but it wastes time for both brokers and the seller.
Being Too Picky, No. 4 on the list is also a common pitfall. A major reason in buying a home is to build equity opposed to renting. The longer you wait, the longer you keep feeding your money into a rental property. This requires a certain level of compromise. Remember that your first home won’t necessarily be your dream home.
No. 10 on their list is quite possibly the most important in the long run. You must think about the future when searching for a home. Do your research into the neighborhood. Is it undergoing a lot of construction or subway route changes? How have the home values fluctuated in the area recently? If you have or are planning to have children, what types of local schools are there? A great home depends a lot on the area it is in.
Keep these in mind when you are searching for your first home.
We'll see you home
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