Thinking about making a move? GREAT! What an exciting time for you. Before you begin your homebuying journey, be sure to avoid these 3 sure fire ways homebuyers lose – big time – when buying a new home.
You may ask: “lose”? How can I lose?
Too many buyers rush into the homebuying process before they’re ready. And doing so not only wastes their time but, in some instances, it costs them thousands of dollars.
Keep reading to learn what these top 3 mistakes are . . . so you make sure to avoid them!
Not getting prequalified BEFORE beginning your search
Many buyers make this mistake, thinking they know what they can afford.
What you may not consider, however, are other costs associated with home ownership – or a host of other issues that bear on the issue of your credit.
I’ve worked with some buyers who were pleasantly surprised that they could actually qualify for MORE than they imagined. But I’ve also had buyer clients who learned of issues on their credit report that had to be handled and resolved before they would be able to move forward in the homebuyer process.
An informed buyer is the BEST buyer. The 5-10 minutes it takes to talk to a lender to get prequalified is, without a doubt, well worth doing.
Not thinking through your “wish list” & prioritizing what’s most important
Believe it or not, regardless of your budget, there will ALWAYS be compromises.
That’s right! Even with a $1 million budget, it is unlikely that you’ll find EVERYTHING you’d like in your next home.
That’s why it’s always best to take time to really think through your dream home “wish list” and, then, prioritize your list from most important to least important. In fact, some buyers create 2 lists – one for “must haves” and another for “like to haves.”
This is particularly useful information for your real estate agent, who knows the local market well and can better guide your search to find the home that will be perfect for you.
Not hiring a professional real estate agent
Did you know that the seller pays for YOUR agent? It’s true!
And yet some buyers believe they can ‘go it better’ alone.
You see, a professional real estate agent is well versed in negotiation strategy specifically tailored for real estate transactions.
You see, there are certain points of negotiation that are unique to real estate. If you aren’t represented by an agent experienced in these types of transactions, you will miss out on opportunities (i.e., negotiable issues) simply because you don’t know they exist.
Similarly, some buyers have an agent, yet they attend Open Houses or new home construction sites alone (instead of advising their agent to register them and, thereby, protect their interests). I’ve seen buyers leave literally thousands of dollars on the table when they negotiated a transaction alone. I don’t want that for you.
When you can have expert representation – without it costing a penny AND, in fact, potentially saving you not only time but beaucoup bucks as well – why wouldn’t you hire an agent?