Homebuyer “Don’t” List
There’s a lot to consider when buying a home, and especially in today’s changing market conditions. While you’re considering a possible home purchase, here’s a Homebuyer “Don’t” list that may help you avoid some common mistakes.
“Don’t” List for prospective homebuyers:
- Don’t fall in love with the first neighborhood or house you see. That cozy bungalow with the big backyard and beautiful tiered decks may win your heart at first glance, but you need to keep an open mind to make sure you find the right fit for all your needs. At the end of your search, it may turn out the lake-view, contemporary designed townhome that’s closer for your commute is a better bet all-around.
- Don’t buy beyond what you can afford. It’s easy to fall into that all-you-can-eat attitude, especially when it comes to your first home purchase. You “want it all” when it comes to size, amenities, location etc. But remember that your eyes may have a larger appetite than your wallet. Make sure the down-payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign an offer.
- Don’t treat your home the way you treat your stock portfolio. It’s unrealistic and unwise to expect your housing investment to appreciate quickly. Buying for lifestyle, and remembering that real estate is a great long-term investment, will help you look at home purchasing and ownership in the right context.
- Don’t jump into a confusing mortgage. Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain. For instance, an attractive rate now may be difficult to carry if rates change during the term of your mortgage. Arm yourself with information and don’t be afraid to ask questions.
- Don’t underestimate the value of your local Coldwell Banker real estate professional. While being a savvy buyer and doing your homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home-and closing the deal.
If you’d like to know more about our Homebuyer “Do” and “Don’t” lists, or if you have any questions about the market, or home-buying process, then just pick up the phone and contact your local Coldwell Banker real estate professional. It just might be the best call you’ll ever make!