1: Going out to look at homes before you’re qualified- MISTAKE! You’ll see homes you can’t afford- or get discouraged by seeing the wrong homes- and you won’t know if you SHOULD buy or not because you haven’t met with a qualified lender to let you know what prices are realistic for you.
2: Buying a home that is too expensive-MISTAKE! You can get qualified for up to 55% of your income as debt. Just because you can get qualified for that, however, does not mean you will be able to live comfortably. Perhaps your car will break down, you’ll have to go into more debt to buy a new car, and then suddenly, you’ll have no room to breathe financially. It’s called being house poor- and I’ve done it. It’s no way to live. You’re always one small crisis away from financial failure.
3: Call the listing agent for a particular house yourself- MISTAKE! That agent represents that seller and that seller’s best interests. Hire your own agent who will be putting your needs and wants first. You want someone who will fight to get you a good deal, not someone who is trying to get a good deal FROM you! When searching for your own agent, ask your family and friends for recommendations for a good Realtor, then vet that Realtor by reading reviews online. (Bonus tip- if that Realtor has no reviews online, it’s probably a red flag).
4: Skipping the home inspection- MISTAKE! A home inspection is a few hundred dollars. This few hundred dollars can save you THOUSANDS, either from saving you from a lemon home that seemed better than it was, or by alerting you to an issue about the house that you can use to get the seller to lower their price. If nothing else, a home inspection alerts you issues you might run into in a particular property and you’ll be better prepared for them when you move in. After all, if you know that the roof only has a few more years left in it, you’ll have time to save for a new one.
Want to avoid even MORE mistakes? Shoot me a message- I’ve got loads of cautionary tales to share!
