Mistakes That Derail the Home-buying Process

January 31, 2017

Mistakes That Derail the Home-buying Process

Purchasing a new home is a complex process, especially for first-time buyers. So many rules, procedures and legalities complicate this exciting life milestone. It’s easy for home buyers to make mistakes that can derail a successful purchase.

The agents at Pro X Realty can help you avoid some of these most common errors:

  1. Not being financially prepared: Real estate is one of the most costly investments you’ll ever make. Traditionally, first-time buyers require a mortgage. And, while advertisements imply that it’s easy to qualify for financing, it’s not as simple as it sounds. Buyers can help smooth the process by planning ahead of time by saving a down payment, clearing blemishes from their credit reports and paying down debt-to-income ratios. Without having your financial ducks in a row, your plans to buy a house may go down the drain.
  2. Always searching for a better deal: It’s true, prices could drop or your “dream home” may come on the market. But, waiting for a the perfect deal may cause you to lose out on quality prospects. As your realtor shows you different properties, give them a chance and consider their potential. Most buyers never find the “ideal” home, but they discover homes they can make ideal for them.
  3. Falling in love with a home at first sight: Sometimes, buyers are so enamored by a property they are blind to its deal-breaker issues, such as bad electrical wiring, cracked foundations or other problems. Some buyers wish to expedite the process so much they may skip the inspection or appraisal processes. Buyers should respect the standard method presented by their realtors, as these steps are in place to protect them from unwise investments.
  4. Trusting everything online: Online mortgage sites or real estate listings may be very misleading and full of incorrect information. If you make your decisions based exclusively on what you’ve read online, you’re probably setting yourself up for disappointment.

Bankrate also warns against emotional mistakes first-time home buyers make.

If you’re ready to take the next steps toward home ownership, let Pro X Realty help. Contact an agent to work with today!