Posted on: 22 July 2017
Buying a home is a major commitment. Unfortunately, some home buyers make mistakes that end up costing them thousands of dollars. In some instances, it even costs them the home they wanted. To prevent you from becoming one of those buyers, here are two common mistakes and how you can avoid them.
Emotionally Shopping for a Home
There is nothing wrong with loving the home you buy, but you cannot let emotions dictate your actions when negotiating for a home. When you perform an emotional assessment of a home, your vision can become cloudy and you could miss warning signs that indicate the home is not the right one for you.
Attaching emotions to a home could also mean you pay more for the home. Instead of backing out of a costly bidding war, you could push your budget to the limits in hopes of landing the home you have fallen in love with.
To avoid making the wrong decision, you need to remain objective when assessing a home. If you think you will have trouble, take a friend or relative who can help point out any problems with the home.
In addition to this, you need to avoid expressing your love for a home while touring it. Remember, the seller wants to make money on the sale of the home. If he or she believes that you will be willing to pay more because you are in love with the home, he or she will likely try to drive the price up.
Failing to Commit
Just as falling in love with a home can lead you down the wrong path, not committing to the purchase of a home can derail the purchase. Buyer's remorse is a real psychological problem that many home buyers face. However, if you do not get control of it, you could drag your feet through the home buying process and potentially lose the home.
Depending on your actions, the seller could end up keeping your earnest money if you have not met the deadline requirements for each step of the home buying process. Your inability to commit could cost you thousands.
There are ways you can avoid buyer's remorse. One of the best ways is to start by discussing your wants and needs in a home with a real estate agent, such as Re/Max River & Sea. He or she will help find homes that fit your criteria. You also need to pay close attention to the inspection reports for the home. If you are sure the home is in good condition, you are less likely to want to back out of the purchase.Share