Top 5 Homebuyer Mistakes To Avoid

2 Nov

Top 5 Homebuyer Mistakes To Avoid.  Feeling indecisive about purchasing a new home is common. Home purchases are typically the biggest financial investment you’ll make; however, the home buying process is challenging and, at times, confusing.  Utilize your real estate agents’ knowledge and advice.  These next 5 common mistakes are ones you don’t have to make;

1. What’s your price range?  Don’t get driven to buy more than you can afford.  It’s hard to know where to look or what to look at (detached house, condominiums, and town homes) until you know how much you can afford.  Visiting homes that are way out of your price range, regardless of whether the price is on the high side or low side, is not only a waste of time, it’s discouraging and a waste of time.

2. You don’t have the required down payment and closing costs available.  Many people purchase with less than a 20 percent down payment.  There are plenty of financing options available for low cash down home buyers, even in today’s market.

3. Real estate agents are not mind readers.  The most common complaint is that the real estate agent didn’t show the right kind of homes.  If you are looking at homes that do not appeal to you, could there be a miscommunication between you and your agent?  It helps to detail what you want and clearly communicate your desires about what you Love, Like and Dislike about homes.  This can really help your agent fine tune your choices and make great selections for you to review.

4. Underestimating the amount of cash you will need to close the sale.  This mistake should never happen but yes, it does.  Your real estate agent will provide an estimate of your closing costs at the time you make an offer to buy your home.  Then your loan agent or broker should provide you with another closing cost estimate within a reasonable amount of time after you submit your loan application.  Buyers will often come up short because it is not explained until the last minute that the lender requires extra cash.  This can often happen if there is a down payment less than 20 percent of the purchase price.

5. Applying for a loan with a lender who offers the lowest rates in town.  You’ve heard all the horror stories about the “best” lenders turning out to be the worst lenders. Great advertising complimented by over the top promises does not make that lender the best.  Often lenders who promise a too-good-to-be-true loan usually perform a bait and switch, just before your loan is approved.  Low interest rates are important, but always check a lender’s reputation because the best deal in town may not be worth the savings and aggravation down the road.

Just keep in mind during your home buying process that the price of buying, owning and maintaining your home will be worth all the bumps in the road.

About the Author:  Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

View thousands of new and resale homes:  www.Northeast-Florida-Relocation.comwww.BoldRealEstateGroup.com,  www.NewYork-Florida-RealEstate.com, www.PGAVillage-Homes.com a Golf Style Private Community,  www.TheCascadesAtStLucieWest.com  a 55+ Resort Lifestyle Community, www.HealthcareRelocationServices.com

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