Tag Archives: top ten home buying mistakes

Top 10 Home Buying Mistakes – #1

Photo: HGTV's FrontDoor News

Mistake #1: Waiting for the market to improve or not buying at all

Reading and listening to all the real estate “gurus” cannot tell you when the market will improve, whether it has reached the bottom or how much a home will appreciate in the future.  Buying a home at “fair market” value when you are emotionally and financially ready to make the move is still a very good investment.

Many smart real estate agents have been purchasing properties during this down time and are already reaping benefits from their purchases.  Follow the lead of real estate professionals and buy your home any time in the near future.  Once you own your home you can begin to enjoy the benefits of home ownership with tax deductions and equity building.  If you think about the 1-2% return you are getting on your money in the bank and don’t expect much more from your home appreciation you will be ahead of the game.  You may very well be pleasantly surprised by the higher appreciation over the years you own the home!  And, if investment real estate is appealing, now is a great time to purchase an investment property.  The rental markets are at some of the highest levels in many years.

Find a qualified real estate professional to help you with buying a good value property now.

Top 10 Home Buying Mistakes – #2

Mistake #2:  Having a house under contract without contingencies

Having a back-out plan is a must for smart home buying.  Consider a home inspection that  uncovers a roof that needs to be replaced for $15,000, floor joists that are rotted under a house or mold inside the walls will probably cause you and your family major health issues.  If the defect is something the Seller refuses to pay for, will cost more than you ever dreamed or something that makes the house unlivable, unless you have contingencies written into your contract you could have problems getting your deposit returned without incurring large legal fees.

Working with a licensed real estate professional who can guide you through the transaction is your best insurance policy.  Your agent will not know these conditions exist but will protect you with a properly executed purchase and sale contract.