Let’s face it, the market has changed. There are so many questions and unknowns out there and if you’d like to buy a home, it may feel a little scary. There are still opportunities for you to succeed in an uncertain market such as this one. In fact, more money (and equity) can be gained in an uncertain or down market. So let’s put you in a position to succeed. Below are the 6 mistakes to avoid, right now, when buying a home:
1. You’re Rushing
This will be one of the largest, if not the largest purchase of your life… Please do not rush it. I’ve seen clients spend more time shopping for a car or even clothes than for their own homes.
2. You’re viewing homes without speaking to a lender
There are so many different products out there, and you don’t know exactly what kind of purchasing power you really have until you speak with a lender. You could be wasting your time if you go out looking at the wrong homes based on your qualifications.
3. You’re viewing homes without your agent
Most buyers look at homes with an emotional eye, and if you’re buying a home to live in, you most likely will too. Bring your agent who is your protector to help show you things you may not have seen or noticed. Even if it’s a weakened open house and you feel like you don’t want to bother him/her on the weekend.. bring them! If you’re working with somebody who won’t go with you, you’re working with the wrong person.
4. You’re submitting an offer without familiarizing yourself with the contract
In California, the contract doubled and is 16 pages long. There are a ton of terms on there in addition to just price. Make sure you’re comfortable with how your agent writes contracts and terms.
5. You’re not scheduling your “follow-up” inspections
Most buyers only schedule a general home inspection and in some cases maybe that’s all you need. But if you live in an older home, consider a sewer scope inspection, check your gas appliances, and if the roof is older, get a roofer up there to take a look. Your “investigations time period” is for you to bring in all these people to satisfy yourself with the home’s condition.
6. You’re not looking into the history of the home
Speaking from experience here in Orange County, CA cities have on record any permits that have been pulled over the years for the home you’re buying. Or maybe you want to check to see if something really was permitted. Go to the local city building, you might be able to check online as well, as many cities have adapted to putting their records online. But the bottom line is that you need to look into your home’s history!
