Common Homebuyers Mistakes

Common Home Buyers Mistakes

Let’s face the facts: Buying a home can be an amazing experience, but it can also be quite complicated. With emotions running high, it’s all too easy for home buyers to skip over crucial steps and make mistakes. But don’t worry! I’ve laid out some of the biggest mistakes that home buyers make below so you will know to avoid them.

Low-balling the seller

If you find a house that you absolutely love, don’t play games: work with your agent to come up with a reasonable offer based on the sales of comparable properties in the area. Some buyers seem to think that taking their time and making a seller “sweat” is a good strategy for getting the best price possible. Don’t fall into this trap! You will likely never be the only one interested in buying a particular home, so if you find one that you love, get it before it’s gone. Don’t kill the deal by making too low of an offer or by making excessive estimates for repairs.

Not reading contracts

When you sign a real estate contract, you’re entering into a huge financial obligation. And while it seems like common sense that you should always read (and understand) all of the terms and conditions, many home buyers do not. A good idea is to have your agent go over your contracts with you, section by section. Because contracts are legally binding, it’s crucial that you discover any issues BEFORE you sign.

Spending too much – Set a Top Price Based on Your Income/Financials

Your approval amount should act as a guide, showing you what you could pay for a home if you maxed out your finances. Your pre-approval amount should not, however, be the price that you buy at. Buying at the top of your price range will likely leave you “house poor,” which means you’ll be able to make the mortgage payment and cover recurring expenses, but then you’ll have little or nothing left for recreation or other projects. So instead of buying at the top of your approval level, but within your comfort level: a level where you’ll still have sufficient money left over for other things.

Have Realistic Expectations

Often times buyers enter the market without a clear vision of what they want/desire against what they can afford, a nicer home with more features and amenities in a better neighborhood will cost more than a similar home less updated and in need of minor repairs or cosmetics repairs in the same or somewhat similar neighborhood, therefore it might be still a great deal if willing to put the effort and sweat equity to improve the home and increase its desire ability and comfort without the initial more expensive financial commitment, beware of the common homebuyers mistakes that can make your shopping experience and final results less appealing and rewarding, consult with your agent and make sure you’re making the right decision.

For this and more tips and information on how to start a successful home search that leads you to a satisfactory and rewarding home shopping experience, contact us and we’ll help you get the results you’re looking for in a friendly, NO OBLIGATION, NO HASSLE environment. Email Us or Call Us at (973) 216-1945.

Roberto A. Sanchez – Broker-Associate  (973) 216-1945.