Home Buying Mistakes that Lead to Regrets

There are home buying mistakes that every buyer should avoid, mainly because of the extent of their impact on the buyer. For first time home buyers, it is even more important to be aware of the common errors committed by home buyers so that their first foray into homeownership will be a memorable one – for all the right reasons.

The good news is that it is quite easy to avoid these mistakes, as long as the buyer remains open-minded and willing to listen. To be a happier home shopper and, eventually, a content homeowner, here are some things you should never do.

1. Favoring looks over function. As a first time home buyer, it is to be expected that you will have a picture in your mind of what your house should look like. It is fine, as long as you can afford it. However, even if you have the money to go for a more expensive house, do not base your decision solely on aesthetics. The house may be affordable to you and looks exactly like your dream home, but if it is located in the wrong area, you will end up losing in the end. If the features of the house that add to its cost are useless to you, opt for a lower-priced dwelling without the pointless add-ons.

2. Choosing the wrong real estate agent. The agent who smiles all the time and agrees with everything you say is not exactly the ideal person to provide you with a sound advice. Interview agents and base your decision on how extensive their knowledge of the market is. Conduct a background research and look at their past deals and past clients. You are hiring them to give you good advice and if they think your idea is not good, they should be able to tell you.

3. Spending all your money on the house. You do not need to unload all your money, including your savings, into your home. Leave some for emergencies and do not touch your retirement savings. Buy the house and if you still have money left, take care of the improvements and upgrades you want. But if you need to touch your retirement money or borrow from others to upgrade the home to make it look like your dream house, forget it. Save for the upgrades and work on them later.

4. Doing without professional advice and services. You should not spend all your money on the house, but you should also not be stingy when it comes to spending money on things that matter. For example, a professional house inspector. For another, a real estate lawyer. They may cost you money, but you need them, especially if it is your first time to buy a house. You are not saving money by not paying their fees, you are actually setting yourself up for a potential major loss if you do not hire them. Home buying is all about knowing which expenses you should prioritize and which ones you can do without.