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Top 10 Biggest Home Buying Mistakes |
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1. Not doing your homework.
Knowledge is power. Tremendous information is available on the Internet. There is no excuse for entering the market unprepared. Trying to make a shrewd investment. People need to buy based on what fits their family. Don't try to guess what will happen to the market. |
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2.Trying to make a shrewd investment. |
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People need to buy based on what fits their family. Don't try to guess what will happen to the market. |
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3.Choosing a poor location. |
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Even within a neighborhood, location matters. Is it on the busiest street? Is there a shopping center out the back window? |
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4.Overlooking an interior floor plan for an attractive exterior. |
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It may have gorgeous curb appeal, but you don't live on the lawn. No matter how attractive the exterior, you need a livable home. |
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5.Overlooking how the house will function for your family. |
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How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen and a great room and a den to use as a home office? The house only needs to fit one family -- yours. |
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6. Not having the home properly inspected in a resale. |
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This is not the time for surprises. Get an inspection from a qualified, respected professional. |
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7. Not checking out the builder's reputation on a new home. |
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Talk to three or four people who live in the builder's homes and see what they have to say. If one builder did all the houses in a neighborhood, talk to the residents and get their input. (It's also a great way to see what your neighbors would be like.) |
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8. Not getting what you want because you're impatient. |
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This is a big decision. You need time. Impatient decisions can lead to mistakes. |
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9. Waiting for a better market and interest rates. |
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Warren Buffet says the rear view mirror is always clearer than the windshield. |
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10. Not buying at all. |
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If you can afford a home and you don't make that purchase, you'll lose the benefit of tax deductions, building home equity and the appreciation in value. |
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