Buying a Home: Top 5 Mistakes Homebuyers Make
Posted by Bill True on
Buying a home you can live with and love over time...
When you decide to purchase a home, you may unexpectedly find yourself dealing with strong emotions. Don't be too hard on yourself. Buying a home is probably one of the biggest and most important purchases you'll ever make.
As a homebuyer, you can help yourself by being aware of the emotional mistakes other buyers commonly make. Read these typical homebuying mistakes and how to avoid them...
1) Love at first sight.
With Sarasota real estate, it's easy to fall in love right away with an attractive property, but it's not a good way to make such a big purchase. To help prevent yourself from too rash an attachment, view at least three properties before signing anything. Jumping on the first home you see is almost certain to lead to buyer regret.
We all want a great deal; the lowest possible price. However, lowball offers are often rejected outright, drag out the process, and aggravate sellers. Either way buyers who lowball run a risk of losing their dream home. The best advice is to make a realistic bid not too distant from what the buyer is asking. Insisting on a better deal. While it's always possible a seller may be desperate, it's not a good idea to play the odds unless you're willing to lose.
When you think you've found the perfect home for you, it's natural to make an emotional attachment that could lead you to overpay or financially overextend yourself. So don't forget that this is an investment that you must be able to afford as well as sell in the future. Always consider your future as well as your present needs when buying a home.
4) Misunderstanding short sales or foreclosures.
Unfortunately, you cannot assume that you're getting a "deal" simply because a property is listed as a short sale or foreclosure. Real estate is business, and "short sale" can sometimes be just a marketing term aimed at the bargain-hunter. A truly "good deal" takes into consideration the property's historic price, current market conditions, the home's unique features, and the buyer's own needs, as well as any repairs the property may need. Properly weighing all the variables isn't easy, but it decreases your chances of making an emotional mistake during the homebuying process.
5) Not getting the right help.
Too many homebuyers work with real estate agents who push them toward one property or another (because they are also working with the seller). This helps those agents sell their listings, but it can leave the buyers with homes that ultimately aren't suited for them. Make sure you enlist the free assistance of an Exclusive Buyer Agent (EBA) who will take the time to go over your concerns and home criteria, and who can show you any available property without any pressure to you. An EBA works only with buyers and is specifically trained and experienced in getting the best results for buyers. As a team of EBAs, True Sarasota Real Estate has helped home buyers and real estate investors around the world step-by-step through the buying process from initial search to closing. With our insider knowledge of the local market, we can educate you to make the wisest possible decision when buying real estate in Sarasota.