Common Mistakes Made By Home Buyers

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While we may make many purchases in a week’s time, most people buy a small number of homes in their lifetime.

My parents, for example, lived in one home for more than 50 years.

The probable stages of home buying for most are: a starter home, a home for a growing family and the empty nester home, where many downsize.

For some, a vacation home is also a consideration.

In other words, most of the home buying public does not have a lot of experience in home buying.

Below we discuss some of the common mistakes that Realtors see home buyers make.

Home Inspection

While most buyers today insist on a home inspection, there are some who wish to save the cost of a home inspection or have a friend do it.

A home is a complex structure and home inspectors are trained to uncover possible defects that could result in unexpected costs after the close of escrow.

Survey

A survey can also save the buyer some grief after purchase.

Lot lines may seem to be well defined; however, surveys can discover encroachments that may surface later.

For example, one buyer had a survey done on a property prior to the purchase and it was discovered that the garage encroached on the national forest by 10 feet.

Qualified Buyer

Buyers tend to get anxious when they find the right property and want to write an offer to purchase.

If you need a loan to buy a property, you should get pre-qualified by a lender prior to house hunting.

Your offer to purchase a property will be viewed with greater credibility if the seller knows you have the financial ability to complete the sale.

In addition, you as the buyer will know with certainty what your purchase limit is.

Overbuying

We have seen this in the last few years and it has resulted in today’s housing situation.

A financial adviser can help you set your financial goals and help you budget for contingencies that may happen.

Procrastination

If you find the home that is perfect for you, do not procrastinate in making an offer.

Countless times home buyers have been disappointed by thinking that the home will still be on the market in their time frame to make an offer.

By waiting until “next week” many buyers who had found just the right home have been disappointed.

Next week read about the common mistakes home sellers make.

Ray Pugel is a designated broker for Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.

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