What are some common home buyer mistakes to avoid?
Hello I’m Emily and I’m Aislynn and we’re with Crosstown Marketing Group at Sutton Centre Realty. The question we are exploring today is what are some of the common mistakes first time home buyers make when purchasing a property.
- Not Understanding the Costs Associated with Purchasing a Property: One of the first things that we see first time home buyers or home buyers do is to jump out into the market place without fully understanding the costs associated with purchasing a piece of property. Because we believe education is the most important thing, we actually sit down and have a home buyer’s session first before we go out and start looking at properties.We cover a list of topics but the first thing we cover is the costs associated with owning a property outside of the purchase price. The second thing that we do is and Educational Tour that takes you out to show you different types of construction and some of the costs that may be associated with different types of properties.
- Not Planning for the Long Term: Another thing that we see home buyers do is not plan for the long-term. One way to avoid ever losing money in real estate is be in control of when you sell and obviously to hold for the long term. So part of the initial consult that we have with you covers what is your five year plan. And then we want to make sure we are getting you into a property that is most likely to help you realize that plan.
- Listening to the Wrong Advice: Another mistake that people make is that they listen to the wrong advice. Our Process is designed to help you from Step One to the End Goal. We love family and friends and we would love you to bring them along with you but often times if you bring them in at the middle or at the end, it is actually going to hinder you and your ability to make a decision because they won’t be drawing on the same knowledge and advice that we have provided you from the start. If you want someone to be there with you, have them right there from the get go.
- Not Hiring the Right Mortgage Broker: Another big one is not hiring the right mortgage representative. It’s very important, especially in a competitive market to have a mortgage broker who is able to go over all of the options with you and make sure that they collect a full list of documents. The key to winning in this market is often a broker who has the connections to be able to get you a pre-approval to allow you to go in subject free in order to win the property.
- Not Wanting to Compete in a Multiple Offer: One of the other mistakes that we see buyer’s make is not wanting to compete in multiple offer situations. This can end up costing them huge in the long run. As we see the market escalate, by not competing and putting your best foot forward, you actually miss out on that property and that price. What we suggest is that we are as prepared as possible. We will help you do as many if not all of your subjects up front. We have some other tools that we use in order to make sure that you are putting your best foot forward in a multiple offer situation.
In summary, if you are thinking about buying a home, feel free to give us a call anytime to book your free home buyer’s session so you can make smart decisions and avoid making any of the mistakes that we have talked about here.
I’m Aislynn and I’m Emily from Crosstown Marketing Group and We talk Real Estate.