Purchasing a home can be tricky, but don’t get caught in these common mistakes. Get through the process smoothly by avoiding these 5 buyer blunders.
1. Always Trusting the Ads
Real estate agents know what sells. And they’ll do their best to use attractive words to market their listings. But learning to be savvy with real estate lingo will help you get past the fluff and truly understand what the property has to offer. For example, calling a house “cozy” is often code for small, and “as-is” means it’s a fixer-upper. Similarly, the word “charming” sounds good, but can mean the home is older or outdated.
2. Buying the Most Expensive House on the Block
We all want our home’s value to appreciate over time, but the most expensive house on the block will do just the opposite. This is where doing a little research before you buy will come in handy. Instead of going for the biggest and best in the area, opt for a home that is similar in size and quality with the neighbors’. This way you’re more likely to bring in equity over the years, and having comps nearby will make your house easier to sell later on.
3. Only Visiting the House Once
Even if the home seems perfect the first time, it is always a good idea to check it out more than once. You will always notice things the second time around that didn’t catch your attention earlier. Plus, the atmosphere of the neighborhood can change significantly depending on the day of the week and time of day you visit. You want to be sure you know what you’re getting into, and looking at the property twice or more is your best bet.
4. Lagging through Closing
Being prepared at closing will save you a lot of time and hassle. The best thing to do is to get all the paperwork finished ahead of time. Schedule your closing for the morning, so that you’ll have plenty of time to ask questions, go over everything, and do a thorough final walk-through.
5. Ignoring Hidden Costs
Too often, buyers forget to account for the extra costs of owning a home. Before you buy, find out how much you’ll have to pay in property taxes, and average monthly water and electric bills. And don’t forget to account for extras like window coverings.