Not being prepared from the start. In this age of the internet there quite simply isn't an excuse for not thoroughly researching any topic of this significant importance. An abundance of information is available on the internet. See Part Three for more on this.
Purchasing on a hunch of what future demand might bring. You need to buy based on your own current and future needs. It's very risky trying to guess what will happen to the market in the coming years.
Selecting a poor location even within a fine neighborhood. Location, location, location. Even location within neighborhood boundaries is important. Is there high traffic volume? Do you have a porch view of a wooded buffer zone or the backside of movie theater? Discussed more thoroughly in Part Four.
Forgetting the importance of the interior layout because the exterior is so impressive. It may be attractive from the outside, but it's the interior that must suit your family's needs.
Selecting a home which does not match your family's needs. How do you really live? Are certain rooms going go completely unused? If given the choice, would a space used as a home office be more important than one used as a formal dining room? Is a child on the way?
Not having the home properly inspected. Every prudent buyer will take the time to get a thorough home inspection. The investment is simply too great to take any chances. Get an inspection from a qualified, respected professional.
Failing to verify the qualifications and reputation of a home builder. It's advisable to speak with three to four people who have purchased from the home builder, particularly one that is new on the scene. Are they satisfied with the end product? Has there been an unusual amount of troubleshooting during or after construction? Ask questions. Most people will be proud to discuss their home with you. This is also an opportunity to visit with possible future neighbors.
Rushing into a decision. Settling for less. This is one of the largest, if not the largest, investment you'll make in your lifetime. Patience is critical in heading off mistakes. Once you know it's the correct choice then, with your real estate professional, move quickly.
Waiting for interest rates to come down or hoping demand slows. There is no way to know for sure how market conditions will change. When you find the right home at the right price it's time to move.
Not investing at all. The benefits of home ownership begin with various tax deductions and end most likely with growing equity. Building home equity has proven to be a great way toward a rich fulfilling retirement.
Buying or selling real estate can be an emotional, stressful rollercoaster ride. It's important you find a real estate agent whom you can trust and help avert the pitfalls inherent in buying or selling real estate. Equally important-you should be able to count on an agent to do so for a fee structure that maximizes your bottom line.
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