Four Biggest Buyer Mistakes

Ready to buy? Great! That’s why we’re here. Buying a home–whether it’s your first or your tenth–is an exciting time. Chances are if it you are a seasoned homebuyer, you’ll already have learned most of these mistakes either by experience or a good realtor before me.

For those new to the whole experience, it’s important to understand that it’s a stressful time and overwhelming experience for everyone. The best way to help ease some of this anxiety is to do your homework and work with a great realtor who has done this many times before. Once you’ve been doing it long enough, you learn what is and isn’t important.

Use these tips to learn from others’ mistakes. You don’t want to regret anything during the homebuying experience.

Don’t stretch your budget. This happens all the time, particularly in the market we’re living in. It’s easy to see something just out of reach and want to go for it. Know what you can afford going in and stick to it. This is likely not your forever home so don’t blow your wad–or you WILL be in it forever.

That said, try to pay attention to the monthly costs. The purchase price IS a big number, yes, but you’re not paying it all at once. Ever heard the saying “there’s only one way to eat an elephant”? Well, there’s only one way to pay a mortgage – a month at a time. Pay attention to the monthly payment, and not so much the sales price … if the monthly number fits your budget and you’re comfortable with it, that’s half the battle!

Buy with selling in mind. What’s perfect for you might not entice future buyers when it comes time to sell–and that often comes sooner than you think. That mirrored ceiling might be perfect for your…hobbies…but remember that you might have to explain it to a potential buyer down the road. Want some ideas of what NOT to do? Check out @pleasehatethesethings on Instagram.

Don’t tell the seller all the things that are wrong with their house. Cutting off the seller at the knees as you start a negotiation is only going to work against you. A good agent knows how to ask the right questions. If they don’t you should find a new agent.

If starting with all the negatives seems like a wonderful negotiating technique, I recommend reading Never Split the Difference by Chris Voss.

If there’s one thing to make your life easier through this whole experience: GET A PRE-APPROVAL. It costs nothing and gives you a line-by-line idea of what to expect at closing as well as your monthly payments. Closing costs really add up and can stretch even a prepared buyer’s resources. It’s always a good idea to know exactly what you’re getting yourself into.

Overwhelmed? It’s normal. If you’re looking to start down the road of buying a home, give me a call. For a process that is complicated and stressful, it’s all worth it when you make the right moves and reach the finish line.

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