Home buying is a fickle process.
Just one little issue can ultimately affect a seller’s decision on how things would turn out – regardless if it’s to the buyer’s advantage or not.
We love helping buyers achieve their dreams of owning a home.
This is why we listed down the three most common home buying mistakes that most applicants commit. These ranges from small to big time actions that evolve into big impacts to the buyer’s disadvantage to the market.
Here are the three most common home buying mistakes to keep in mind and escort you through the tedious process.
Three Most Common Home Buying Mistakes Committed
- Purchasing via Credit before closing a home
Your credit will be checked again and again before the closing of home. This means even little changes on your credit card ratios might cause an underwriter and affect the overall result of your purchasing application.
Many home buyers commit this mistake; hence the last minute rejections. Impatiently purchasing things such as automobiles, home appliances, electronics, and expensive furniture for your home will reflect on your debts and may disturb your progress.
If unavoidable, choose to buy through other terms of purchase and not with credit. - Ignoring an expert’s advice
These experts could be your real estate agent or lawyer.
And not only is ignoring expert advice a mistake… Withholding integral information from your advisers could cause an even bigger damage.
Home buyers often withheld information due to various reasons; like, fear of how they will be seen, thinking they know all the answers, lack of confidence with their advisers, and undermining the importance of details.
Real estate agents and real estate lawyers work nearly every day between different accounts. Like doctors, legal information will remain confidential. Years of working in the field have exposed them to various cases and clients. There’s really little room left to shock them with something new. - Not saving money for later
Sounds like a cliché mom advice.
But really. It is fairly common for home buyers to go extra on their initial down payment.
You saved this much money for buying a home – and the down payment is for the home, after all. Somehow, it seems like it’s the right thing.
But here’s the problem.
Spending all your resources on a down payment will financially drain you. Whether you like it or not, closing costs, house repairs and maintenance are just a few of the bills to follow.
And how could you pay all these additional post-house buying bills if you’ve emptied your wallet on down payment?
Do this and you might not be able to keep your home for a year.
These are just the common mistakes committed by home buyers. Remember that home buying issues are often case-to-case basis and some problems may not always be the same.
It’s always best to consult your real estate agent to further guide you intricately through your case.
