Common Buyer Mistakes When Purchasing A Home

Dated: 02/28/2014

Views: 697

      Buyers, if not diligent, make some common mistakes when purchasing a home.  Many of these can be avoided with a little caution and some guidance.  Buying a home is a complex transaction, but it does not have to be as daunting as it seems.  Here is a list of some common buyer mistakes to avoid.  This is not a comprehensive list; please seek advice from a professional to assist with your purchase.       

     Not getting pre-approved for a mortgage before beginning the home search is a common mistake.  Pre-approval makes you a strong buyer.
     Do not buy large ticket items before being approved for your mortgage.  Buying a car, boat or other expensive item could stall the approval process.
     Under-estimating the cost of home ownership.  Homes need maintenance year round and occasionally expensive repairs such as a roof or furnace that must be planned for.  Prepare for long term expenses.
     Read all documents pertaining to the purchase before signing.  It is cumbersome to read them all, but it is extremely important to understand the consequences of what you are signing.
     Not using a Realtor, or using the sellers agent is another common mistake.  Have an advocate on your side that will help you through the process.  The sellers’ agent works for the seller not you.
     It is imperative to have the home inspected.  Skipping this step could result in purchasing a home with major problems and costing you thousands later.  Have the house inspected by a certified home inspector.
     Emotions run high in purchasing a home.  Being too choosey or falling in love with paint colors and staging could cost you thousands of additional dollars.  Try to look past cosmetics. 
     Shop for insurance early.  Not shopping for insurance could bring a big surprise later.
       When shopping for your mortgage, get a good faith estimate and when ready get your rate lock in writing.   This can avoid any surprise costs at closing.  Not all mortgages are created equal be sure to compare.       
     Never quit or change jobs before you close on your home.  This can stop the close of your home and mortgage approval.  Wait to make any work decisions.
     This is a small list of potential mistakes that can be made when purchasing a home.  Seek the help of a professional to avoid the pitfalls of purchasing process. 
      Centennial CO Real Estate  Steve Dunbar working in Walnut Hills, Palos Verdes, Homestead and Heritage Place.  Assisting buyers and sellers in making the right choices.

Steve Dunbar  
Exit Realty DTC
Englewood, CO 80112
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Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

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