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4 Common Mistakes To Avoid When Buying A Home

Choosing a home to buy is one of the biggest financial and emotional decisions you’ll ever make. To ensure all goes well, use these tips to avoid making these common home-buying mistakes.

Mistake #1: Looking at homes before you know your budget.
Don’t let yourself fall in love with a home you can’t afford. You could end up feeling tempted to stretch your budget beyond your means. Or you might simply feel bitter about the homes you can afford.

What to do instead:
Get pre-approved by a credible mortgage lender to learn how much home you can afford. Then you can start house-hunting! We have several lenders we trust and can recommend.

Mistake #2: Compromising on a requirement.
You’ll probably have to make some kind of compromise. Maybe the laundry room is in the basement (not your ideal scenario) but the rest of the home is perfect and in your price range.
However, there are some compromises you should never make. Here are a few examples:
– the number of bedrooms, if you plan on needing extra space
– the size and quality of the yard, if your greatest passion is gardening
– the location, if it means the difference between a 15-minute and a 2-hour commute

What to do instead:
Keep looking until you find a home that meets all of you needs. It’s out there, and your Realtor will help you find it.

Mistake #3: Not using a Real Estate agent.
It can be a tough market for buyers right now – we’ve got rising mortgage rates, record high prices, and homes going under contract just days after listing. Buying a home on your own, without an agent to help you find unlisted homes and negotiate offers, could end up costing you a lot of time, money, and emotional well-being.

What to do instead:
Hire a Real Estate agent! Meet with an agent, ask them lots of questions, and get feedback from their other clients via reviews. Then, choose the agent that has an in-depth understanding of the local market and a track record for successfully finding homes for buyers.

Mistake #4: Making an offer too quickly.. or too slowly.
If you don’t move fast enough on a home, competing buyers will swoop in and beat you to it. But if you move too quickly, you don’t give yourself time to get a feel for a neighborhood. Do you like the surrounding area? Can you hear a lot of traffic noise from the backyard? Is the home under a flight path?

What to do instead:
Visit the home in person, or ask you agent or another trusted person to visit it for you. Know the area you want to be in and if you’re not familiar take some time to drive around. Talking to neighbors can be a bonus.

To make sure that you avoid making these common home-buying mistakes, check out these Top 12 House-Hunting Mistakes from Investopedia.

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