Things to Know

5 Simple Home Buying Mistakes that Have a Big Impact

Buying a home can be a stressful process. Your home is most likely the most expensive item you will purchase this year - or even this decade - so you will want to make sure that you're not falling prey to simple mistakes that many homebuyers make. Making even one of these mistakes can cost you hundreds or even thousands of dollars.

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1. Not hiring a qualified professional - Everyone likes to browse homes online and check out neighborhoods, but relying solely on your own research is not always the best strategy. An experienced real estate agent will be familiar with the area and able to give you insight into each community that you will not be able to find online.

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2. Contacting the listing agent yourself - On a similar note, you should not plan to initiate contact with a home’s listing agent yourself. The listing agent is being paid by the seller, not you, the buyer. Therefore, it is in their best interest to sell the home for the highest price possible. They will not be interested in saving you money, so you should not rely on their insight and opinions.

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3. Not learning about the rules set in place by the homeowners association or other local governing body - While many homeowners associations have reasonable guidelines, these guidelines might not mesh well with your future plans for you home. For example, some homeowners associations will not allow you to store a boat in your driveway. If you are an avid fisher and like to frequent several local lakes, it might be inconvenient for you to store your boat elsewhere. The same applies to any exterior decorating you are planning to do. This is one scenario where it is better to be safe than sorry, so be sure to do your research into the area’s specific regulations before you fill out your mortgage paperwork.

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4. Becoming emotionally attached to one property in particular - If you have your heart set on a particular home, you will be more likely to settle for a bad deal just so that you can move into that home. Becoming emotionally attached to a property can result in impulsive or poor decision making. It is better to look into several, similar properties so that you do not get your heart set on one home that might not end up working out for various reasons.

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5. Not researching all of your financing options. - The financial side of home-buying can be intimidating, but make sure you get the best possible rate for your mortgage, avoid PMI, and have a decent down payment and emergency fund saved before you even consider buying a home.

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If you heed the advice of experienced professionals and do your research beforehand, you should have no problems getting a good deal on your next home purchase.

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