1. Not Doing Your Homework
A home is the biggest purchase most people ever make. If you’re buying something with a price tag that’s two or three times your annual salary, shouldn’t you consider all the angles.
2. Trying To Make A Shrewd Investment
If you’re not a financial genius, real estate investing is no place for amateurs. When it comes to buying a home, the best bet is to choose one that appeals to you. If you like the house, chances others will too. That doesn’t mean buying with your heart and not your head.
3. Choosing A Poor Location
If the home of your dreams is perfect in every way except that a bowling alley backs up to it, walk away. Nothing spoils life and resale value like a poor location. If it bothers you now, don’t think you will learn to live with it.
4. Overlooking an Interior Floor Plan for an Attractive Exterior
Curb appeal is important. It makes resale a lot easier. But if romance doesn’t continue when you walk through the door, then you’ve got a problem that will be difficult to unload.
5. Not Considering How Your Family Wants To Live
Not every buyer carries the same mental picture of the perfect home. Don’t pick a house because your parents or best friends would like it. The home needs to fit your family. If you’re honest with
yourself, you can find a home that will fit your family and feel like home.
6. If Buying a Resale, Not Having The Home Properly Inspected
If you fall in love with a home, you may have lost your objectivity and see only what you want to see. That’s when professional help is needed. Structural and mechanical inspectors are worth every penny. They should be licensed by the state and have no personal relationship to you, the seller or the real estate agent.
7. If Buying New, Failing to Check Out the Builder’s Reputation
Good questions to ask a builder: How long have they been in business? How many homes have they sold? What kind of warranties do they offer?
8. Not Considering Your Home as an Investment
Don’t forget that purchasing a home is one of the biggest financial decisions you’ll ever make. While your main concern is finding a home that works well for you in the immediate future, also bear in mind its potential resale value years from now.
9. Waiting for a Better Time to Buy Based on the Market and Interest Rates.
Who can predict the future? The best we can do is learn from the past. History shows those who purchased homes and kept them for three to five years or more did better than those who didn’t.
10. Not Buying At All
No place to call your own, No control, No tax break, No appreciation, No equity, No Kidding.