​​Karen Summers Realtor
​​​                             When Results Matter

The Colony Homes Specialist​

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Costly Home Buying Mistakes Part 2
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This is a continuation of the previous article on costly mistakes to avoid when buying a home.  To read it click here
6. Being Swept Away or Falling in Love At First Sight
Infatuated buyers who leap at a property tend to overlook the value of the process itself -- from inspection to appraisal.  Minor upgrades and cosmetic fixes are often inexpensive tricks playing on your emotions and eliciting a much higher price tag.
If you're on a budget, look for homes whose full potential has yet to be realized. Also, first-time home buyers should always look for a house they can add value to.  Sometimes those overlooked details end up sinking the deal down the road.  Consider things beyond the initial emotion.  The love affair with the home can wear off very quickly if it turns out to be a money pit.
7. Compromising on the Important Things
Don't get a two-bedroom home when you know you're planning to have kids and will want three bedrooms. By the same token, don't buy a condo just because it's cheaper when one of the main reasons you're over apartment life is because you hate sharing walls with neighbors. It's true that you'll probably have to make some compromises to be able to afford your first home, but don't make a compromise that will be a major strain.
8. Skipping a Property Inspection  
Property inspection is considered the cheapest form of insurance available.  You get a professional into your home to provide you with an opinion as to the condition of your potential purchase.  
An inspector is there to spot the things you don’t know to look for, like if the chimney is in great shape or whether those little cracks in the foundation are a big deal. He’ll look for signs of water damage and check the insulation in the attic. If there are conditions that will need repair, you may be able to negotiate with the seller to drop the price. In other words, the inspection is usually worth every penny.  The last thing you need is to move into a home and then you're faced with a large repair bill a few months later.
9. Not Choosing to Hire an Agent or Using the Seller's Agent
Everybody is trying to save a buck by skipping the middleman.  However, commissions are typically paid by the seller in almost all cases.  So, if you're looking for a realtor, just do a little research, find a trusted professional real estate agent. A full-time buyer’s agent is the best choice because they never work with sellers and so only have you the buyer, to think about. Talk to any agent you are considering about what you're looking for and what is most important to you before hiring them.  
Basically, what a realtor working for you and representing you wants to do is find you your home and protect your best interests by placing the appropriate conditions in each offer on the purchase contract.  A realtor also informs you of the market conditions. They know a lot more about the market and the legal aspects than your friends, your family, or a person down the street who's trying to sell you property just for a quick profit.
10. Not Thinking About the Future
It's impossible to perfectly predict the future of your chosen neighborhood, but paying attention to the information that is available to you now can help you avoid unpleasant surprises down the road.  Ask about your prospective property including:

  • What kind of development plans are in the works for your neighborhood in the future?
  • What are the zoning laws in your area?  
  • If there is a lot of undeveloped land?
  • What is likely to get built there?
  • Have home values in the neighborhood been declining?
If you're happy with the answers to these questions, then your house's location can keep it’s rose-colored luster.  
If you’d like to chat with me, as a full-time buyer’s agent, or have questions do not hesitate to email me at [email protected], or better yet give me a call now 951-333-8065.

Tags: home buying, home inspection, inspector, realtor, save money, affordable home
Filed Under:  Home-Buying Tips

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