8 Buying Mistakes You Must Avoid

 #1– Not being Pre Qualified For a Mortgage-Be sure to go to a qualified banker or mortgager broker BEFORE you start your home search. These professionals will guide you through the process and will give you an amount that you are approved to spend for housing. This step is crucial for many reasons. Realtors need a pre qualification letter from the lender to submit with offers to sellers. This verifies financial capability and shows the seller that you are serious in buying their home. This also protects you from investing time in homes that are outside your price range only to get turned down later for being outside of your budget. The “pre qual” process requires an in depth look at your finances so contact a lender immediately to get the listing of what is required.

#2– Not Using a Buyer’s Agent– Real Estate agents always represent the SELLER of a home unless you have a Buyer Agency agreement. This buyers agency agreement puts the agents loyalties on to you, not the seller and gives you representation throughout the purchasing process. Buyer’s agency fees are typically paid for by the seller so there is NO COST to you! Why not have a professional on your side making sure the home you want is both right and correctly priced for you.

#3– Falling in Love With a Home-While “loving” a home often determines which house you buy– be careful. Being too emotional can cause you to spend more than the home is truly worth. Have a keen eye out when it comes to repairs and what you are truly willing to do. Getting involved in fixing a home that you are not prepared emotionally or financially to tackle will make you fall out of love quickly.

#4– Finding a Perfect Home-Do your homework and figure out what you truly need in a home. While you always want the “perfect home” sometimes you have to have a little imagination to get it. Don’t let unpainted walls and a little cosmetics scare you away. Be sure that you stick to your needed room sizes, floor plan, location, and price and the rest can call into place and end up being the “perfect home.”

#5– Not Having a Home Inspection-While buying a home can be expensive, the home inspection is the one place not to skimp. A home will most likely be the most expensive purchase you will ever make. Be sure it is structurally sound and free of pests and contaminants BEFORE you buy the home. Inspectors are knowledgeable on nearly all facets of a home so be sure you know what you are getting to avoid financial problems and grief in the future.

#6– Not Planning for Future Resale-It’s hard to think about selling your home before you have even purchased it—BUT IT’S CRUCIAL. The average home owner stays in a home for approximately 5-7 years before it is resold. Probability is good that you will resell! Be prepared now. Resale values are based on many factors such as location, condition, features and number of rooms. Homes on side streets or on cul de sacs are popular. Homes with at least three bedrooms and more than 1 full bathroom are other key features desirable to buyers. Gas or Oil heat is preferred over electric and above all, the home is in a safe and desirable neighborhood. A careful purchase now will allow for a quicker resale and help give

#7- Don’t Make A Major Purchase–While preparing to purchase a home, avoid making any other major purchases such as a car , RV etc. The mortgage process is based on the basics of income and expenses. Any increase in expenses can affect the lender’s decision on whether or not you can afford the home. Its best to wait until after closing to make that big purchase.

#8– Not Buying at All-Real estate has shown to be a wise investment over time. The market does fluctuate, however, past trends show notable appreciation in values. Chances are what the price is today will be higher in the not so distant future. Add this increase in value on top of the tax benefits of deductible mortgage interest and property/school taxes and the benefits of owning a home and a piece of the “American Dream” really add up!

Rely on me to help you achieve this dream. Let me guide you through the process and procedures of finding a home you can both afford and appreciate for many years to come.

Your real estate agent specializing in Delmar, Glenmont, Town of Bethlehem, and Albany, Rensselaer Counties