Face palm. Common mistakes homebuyers make


When searching the Internet for home-buying advice, how many times have you been met with claims that the process is challenging, difficult, scary and complicated? It’s almost as if the agents who write these things want to scare you out of buying a home.

If you’ve chosen your agent wisely, the process of buying a home won’t be a mystery because you’ll know what to expect. Then, you can relax and enjoy the ride. This isn’t to say that there aren’t potholes in the road to homeownership, just that if you know about them ahead of time you can veer around them. So, today let’s take a look at mistakes uninformed homebuyers make so you can avoid them.

Buying the wrong home

One of the things I’ve learned in my business is that what many buyers say they want in a home often turns out to be nothing at all like the home they eventually buy. It’s still important to make that wish list, even if you keep it in your head. And make sure that it includes items you simply won’t tolerate in a home.

In fact, the best wish list is one full of items that you despise about your current home and have vowed to never tolerate in the future. Without being able to call those items up in your mind while viewing homes for sale in Madison, you’ll be like the impulse-shopper at the supermarket, reaching for whatever looks good at the moment. It’s all too easy for yummy wall colors and a sexy staircase to distract you from the fact that a home has features you don’t want.

Buyer’s remorse is real. Avoid it by knowing what you want and don’t want and not allowing yourself to be distracted by cosmetics.

Changing your financial status before closing

When you’re under contract on a home it’s easy to think of it as a done deal, especially as you get close to closing. What many homebuyers don’t realize, however, is that the lender will often pull your credit once more before forking over the money for the purchase. It’s called a “soft pull,” (because it doesn't impact your credit score) and it’s done to ensure that the borrower’s financial and employment picture hasn’t radically changed.

Now, “radically” can mean something as simple as applying for new credit. Buying anything on credit, changing jobs, moving money from one account to another ― all of these can send up red flags to the lender. So, as tempting as it may be to start buying furniture and appliances on credit for the new home, don’t do it.

No, buying a home shouldn’t be scary, challenging or any of the other awful things you may read. Choose the right real estate agent – one who will arm you with the knowledge you need - and the process may even turn out to be fun.




Posted by Jolenta Averill on
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