|Mistakes to Avoid When Buying a Home|
BUYING MISTAKE #1: Failing to have a plan
Deciding to buy a home is probably the biggest financial decision you’ll ever make. It’s an exciting decision, but it’s serious business too and you deserve serious advice.
BUYING MISTAKE #2: Thinking that you can’t afford a home
Many people feel they can’t afford a home, but affording a home has never been easier. Mortgage rates are more flexible today than ever and the tax laws favor home ownership like no other tax shelter. Home ownership is a durable (real) investment. Although no one can say if a specific home will appreciate in value, generally speaking, the odds favor the home owner.
Numerous unique tax advantages are available to home owners. The thousands of dollars you pay in mortgage interest is deductible. This tax deduction alone can sometimes make owning your own home cheaper than renting with after tax take home dollars.
BUYING MISTAKE #3: Failing to properly screen your Realtor
The quality of your home buying experience is dependent upon your skill at selecting the best qualified person. It’s interesting that in the real estate business someone with many successfully closed transactions usually costs the same as someone who is inexperienced. An experienced buyer’s agent could mean a lower price at the negotiating table, buying in less time and with the minimal amount of hassles. Your agent should be a skilled win-win negotiator!
BUYING MISTAKE #4: Failing to get pre-qualified for a mortgage loan
Don’t waste hours searching for a home that is not in your price range! Save time and money by getting pre-qualified for a loan. This process is simple. A lender will ask you basic questions concerning your history, run a credit report and determine your buying power.
BUYING MISTAKE #5: Failing to obtain a home inspection from a qualified inspector
The job of a professional home inspector is to look over every major part of a home and write a report that judges the homes quality and condition. After the inspection, you will have the facts you need to make a decision about buying your home.