Common Mistakes Made by Home Buyers
- Date: 2007-06-05 - Word Count: 548
Share This!
Here is your chance to learn from other home buyers' mistakes! We've listed the five most common mistakes that a home buyer can make:
1) Failing to plan for the future - Even if you think you will live in your new house for the rest of your life, you should still plan your exit strategy. If, for some reason, you needed to sell your home, would you be able to? And, if you could sell the home, would you make any profit from it? Be sure to talk with your real estate agent about buying a home with resale value so that you can plan for any problems that may come up in the future. He or she should be able to tell you what to look for.
2) Not checking the Covenants and Restrictions - Some neighborhood Homeowners Associations are stricter than others. An active HOA can be good (it can keep your neighbor from painting his house Pepto-Bismol Pink). But, if you want to store your boat at your house, add on a garage, or install a privacy fence, be sure to check with the HOA in the neighborhood before you buy. If one of the neighborhoods you're interested in doesn't allow your boat, for example, you can either price boat storage elsewhere or look in another neighborhood.
3) Not getting all agreements in writing - So that all parties will do what they say they are going to do, it is important to get these claims in writing. Your real estate agent may get the builder or the seller to sign written addendums in order to protect your best interests during the home buying process.
4) Neglecting to perform home inspections - When your real estate agent writes your contract to buy a home, he or she can include an inspection contingency. This contingency gives you a way out of the contract if the home inspection reports more repairs than you want to make. A termite inspection is usually required by your mortgage company, but a regular home inspection is usually not required. We recommend getting this standard home inspection so that you know the condition of the home before you buy it. So, if there are serious foundation problems that you did not notice earlier, your inspection contingency can get you out of the contract (and usually without any penalties).
5) Forgetting to do a final walk-through - You have an opportunity to walk through your new home right before you officially buy it. Usually the final walk-through takes place the day of or the day before your closing. Chances are that when you first looked at the home, the seller was still living there. So, during the walk-through you can see the home completely vacant and ready for you to move in. You can see for yourself that there are no problems with the house before you close on it. Also, if you know that you will not be able to go to your final walk-through because of a flight schedule, etc., you can ask your real estate agent to go instead.
Now that you've read five mistakes made by other home buyers, you shouldn't make them yourself! Learn from other people's mistakes so that you can have a good home buying experience!
Search for homes and vacant land in Charleston, SC!
1) Failing to plan for the future - Even if you think you will live in your new house for the rest of your life, you should still plan your exit strategy. If, for some reason, you needed to sell your home, would you be able to? And, if you could sell the home, would you make any profit from it? Be sure to talk with your real estate agent about buying a home with resale value so that you can plan for any problems that may come up in the future. He or she should be able to tell you what to look for.
2) Not checking the Covenants and Restrictions - Some neighborhood Homeowners Associations are stricter than others. An active HOA can be good (it can keep your neighbor from painting his house Pepto-Bismol Pink). But, if you want to store your boat at your house, add on a garage, or install a privacy fence, be sure to check with the HOA in the neighborhood before you buy. If one of the neighborhoods you're interested in doesn't allow your boat, for example, you can either price boat storage elsewhere or look in another neighborhood.
3) Not getting all agreements in writing - So that all parties will do what they say they are going to do, it is important to get these claims in writing. Your real estate agent may get the builder or the seller to sign written addendums in order to protect your best interests during the home buying process.
4) Neglecting to perform home inspections - When your real estate agent writes your contract to buy a home, he or she can include an inspection contingency. This contingency gives you a way out of the contract if the home inspection reports more repairs than you want to make. A termite inspection is usually required by your mortgage company, but a regular home inspection is usually not required. We recommend getting this standard home inspection so that you know the condition of the home before you buy it. So, if there are serious foundation problems that you did not notice earlier, your inspection contingency can get you out of the contract (and usually without any penalties).
5) Forgetting to do a final walk-through - You have an opportunity to walk through your new home right before you officially buy it. Usually the final walk-through takes place the day of or the day before your closing. Chances are that when you first looked at the home, the seller was still living there. So, during the walk-through you can see the home completely vacant and ready for you to move in. You can see for yourself that there are no problems with the house before you close on it. Also, if you know that you will not be able to go to your final walk-through because of a flight schedule, etc., you can ask your real estate agent to go instead.
Now that you've read five mistakes made by other home buyers, you shouldn't make them yourself! Learn from other people's mistakes so that you can have a good home buying experience!
Search for homes and vacant land in Charleston, SC!
Related Tags: real estate, buying a home, home buyers, home buying mistakes
Your Article Search Directory : Find in Articles
Recent articles in this category:
- 5 Reasons to Buy Jasper Real Estate
Jasper is a small town in North Georgia and it is growing rapidly. Since North Georgia Foreclosures - Ellijay Real Estate
Ellijay Georgia has always been known for it's outdoor activities and seasonal festivals. Downtown E - How to Deal With Blocked Drains
A blocked drain is an occurrence that happens eventually to all households. You may have experienced - The Benefits of Hiring a Plumbing Consultant
Your dream home may not always be brand new, with fresh paint and home essentials. There are certain - The Worst Mistake You Can Make When You Apply to Rent a Home
A whole new class of people has become renters and potential renters in America during the last thre - State of Individual Real Estate Markets
Everybody is well aware of the hit that the real estate market has taken over the past three years. - Thoughts on Avoiding the Landlord Trap
I've heard several people say they would never invest in a multifamily rental property because they - An Idea to Increase the Bottom Line of Your Investment Property
Are you pretty sure that you've already maximized the income coming from your property? If you've cl - Finding the Value of a Piece of Investment Real Estate
There is a lot of confusion about how much investment property is really worth. We'll look at three - Arkansas Land For Sale - Search Engine Optimization and Your Website
If you have Arkansas land for sale and are interested in advertising it on your website I have a few
Most viewed articles in this category:
- How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets wer - New Homeowners Tips for Household Safety
With so many items on their ¡°buying a home¡± checklist, few homeowners take into considerati - Truth About VA Foreclosures
Many people now days are finding themselves out of work and not being able to make the mortgage paym - Avoid Rookie Real Estate Investing Mistakes
When Robert Kiyosaki, author of the Rich Dad book series, bought his first property he was, of cours - Finding The Perfect Roommate On Craigslist
Craigslist, Roommates, and The Concerns Craigslist is "great" when it comes to looking for housing - The Forgotten Secret To Selling Property - Simple, Quick And Cheap
Why spend big dollars trying to get people to drive a long way to see your house, when your best pro - Get Amazing Results Selling Real Estate Online
This is the age of the internet. Why not take advantage of the widespread use of the internet to ad - Dallas Real Estate Information
In the United States, Dallas is considered as the second leading state according to the area. If any - The Largest Private Equity Indian Real Estate Deal
In the largest private equity deal won by the real estate sector, Morgan Stanley Real Estate has inv - Fractional Real Estate Ownership
Fractional ownership of vacation ski condos is growing in popularity. Park City Utah a popular ski t