Mistake #7: Buying a foreclosure or fixer-upper without doing your research
Some homebuyers are so set on finding a bargain, they overlook the fact that buying a home that needs repairs can be a stressful and expensive project. Before buying a fixer-upper, get estimates on any necessary repairs and renovations and make sure they will pay for themselves in increased property value.
The foreclosure market is also full of opportunities, but it’s important to be aware of the potential pitfalls before buying a foreclosed property. Be certain to check tax records, deeds and Homeowner Associations (if applicable) for delinquent property taxes, encumbrances or overdue HOA fees.