Top 10 Mistakes that First Time Home Buyers Make

So, you’re ready to buy your very first home! That’s great! It’s exciting and fun and you’re ready to jump right in there and start looking at houses, right? Yes, of course you are and rightfully so! But before you do, take a few moments, read the list of the top 10 mistakes made by first time home buyers and save yourself some problems down the road. Mistakes Home Buyers Make, Bruce Moore, Realtor, REMAX

#10 Celebrating Buying a New House Upon Accepted Contract

Many Home Buyers start to celebrate prematurely thinking the deal is done once you have an accepted contract on a house. This is only the start of the long process between contract and closing. There are quite a few issues that have to be resolved, such as the Home Inspection and the Appraisal.

#9 Thinking That Buying a House is as easy as Buying a Car

Not even close! From the legal issue of Agency Representation to the Financing, Contingencies and just the amount of people involved to make a home purchase work out…. buying a house is far from a simple process!

#8 Trying to Save Time by Calling the Listing Agent

This is such a bad idea but many, if not most, First Time Home Buyers do this. Why shouldn’t you call the Listing Agent of a particular house? Because the Listing Agent is legally bound to represent the best interests of his client, the Home Seller. Where does that leave you, the Home Buyer? Exactly!

#7 Believing that Hiring Your Own Agent Will Cost You Too Much

Not true! In most cases, hiring your own real estate agent won’t cost a dime more. Matter of fact, in general, although there are exceptions, the real estate commissions are paid by the Home Seller, not the Buyer.

#6 Believing that You Can Save Money by Using the Listing Agent

Similar to #7 but also false. The real estate commission is set when the Seller and the Agent sign the Listing Contract. The commission is the same regardless of how many agents are involved.

#5 Trying to Save Money by Buying a Foreclosure

The real estate bubble really put the focus on foreclosures. And, although it sounds like you might get a “steal” buying from the bank, the truth is that banks price their houses the same way regular sellers do but here’s the rub… Banks overprice and they don’t disclose anything about the condition of the house by selling it “As Is”.  Not only that, but the process is terribly slow and the price will eventually end up just where the market value is. Hardly a “Steal”

#4 Buying a House as a Financial Investment

Although it can be, it is impossible to tell how much your home value will increase, so unless you are an actual real estate investor, don’t buy your house as your future nest egg.

#3 Believing that the Newer the House the More it Should Cost

Older houses can be just as good as new construction and sometimes better. It just depends! You’re better off choosing a home based on the neighborhood, rather than focusing on the age of the particular house. Besides, a good home inspector will tell you where the kinks are.

#2 Picking Your Realtor Because They Claim to be a Top Seller

Well, that might be a great agent but do your homework. Does this agent really sell as many houses as they say? If they really are a Top Selling Agent, they are also really busy and perhaps won’t have time to see to your needs. Pick a Realtor based on reviews and from trusted friend and family referrals

#1 Finding Your House on Your Own Online

It’s fun, isn’t it? Looking at all the wonderful houses for sale online! And it’s so much easier than ever before! But hey…. pretty pictures and a sharp presentation are only a small portion of what you need to know and see. Viewing the house in person is the best way to shop for your house. Plus, Your Realtor will do all the work such as scheduling, previewing and finding out the good, the bad and ugly about each house.

Did I scare you off?  No worries! We Realtors are there to take the hassle out of buying your perfect home.
So, call me! I’m here to help.

Bruce Moore, Realtor
RE/MAX First
Louisville, Kentucky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

 

 

(Image courtesy of Supertrooper/ FreeDigitalPhotos.net)

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