Top House Hunting Mistakes Buyers Make

Posted in Buyer Blog | 12/11/2012

Windsor House For Sale

Windsor House For Sale

Buying a home can be a very emotional process for many.  The ups and downs associated with this experience often have far reaching implications, such as deciding on where to live and making a very big financial commitment.  Don’t let your emotions get the best of you as it can derail the process.  Of course, we understand that this is easier said than done, but take a look at some of the most common emotional mistakes buyers make:

1.  Falling In Love With A Home They Can’t Afford:

When you come across the home that has all the bells and whistles, it’s hard to look at other properties.  You keep going back in your mind and think of every wonderful thing about the house you love and how no other home will compare EVER!  That’s usually what happens when you start looking at homes at the very top of your price range, or just above.

Always begin your search at the low end of your budget.  If you find homes that you can see yourself living in, then there is no need to continue looking at homes higher in price.  Remember, if you are buying a home $10,000 more, it may not seem like much spread out over 30 years, but consider the interest added, which may double the amount in the long run.

2.  There’s Nothing Better:

Buyers will often cry out to their real estate agent, they will never find another home they like because, “there is nothing out there!”  Chances are, there are homes that you will like.  Again, it’s just getting over the mindset that there is nothing.  Even if your list of “must haves” is long, there are probably several homes that can satisfy your needs.  Keep an open mind.

3.  Acting Desperate:

If you have been searching for your home and not finding anything, or you have been outbid on several homes, it’s easy to feel desperate and purchase a home that may not suit you.  Don’t buy a house that you may end up hating just to call yourself a homeowner.  This is where buyer’s remorse comes in and no one wants to go through that.  Take your time.  There are always new homes coming on the market.

4. Overlooking Flaws:

Don’t ignore major repairs or problems with a home that will be difficult, impossible or expensive to change.  Consider all options and work closely with your real estate agent before you make any sort of commitment.  Again, something better will come along.  You don’t need to start your home ownership with a massive headache and empty bank account.

5.  Counting On Your Handyman Skills:

Think twice before you tell yourself that you can personally handle all of the necessary work on a fixer-upper.  Overestimating your skills is one thing, but remember the time it will take as well not to mention the costs.  Evaluate your skills and your lifestyle when considering a home that is a fixer-upper.

6. Rushing An Offer:

In a seller’s market, it may be necessary to act quickly if you find a home and there are many other offers on the table.  Certainly, this is when you want to be working with an agent who hopefully has advised you to get a pre-approval letter so your offer stands out.  However, in a buyer’s market, and when considering a home that has been on the market for a while, you have don’t need to hurry.  Take a night to think about your decision.  Don’t ignore important steps such as making sure you like the neighbourhood, that your commute to work is manageable and that it is in a good school district.  Take time to do a little research and see if what the property is worth before making an appropriate offer.

7.  Taking Your Time:

Having said the above, make sure you don’t take too long to make an offer. A competitive bid can happen overnight, as we have seen this happen.  A home can be on the market for months, then all of a sudden, they drop the price and buyers are coming out of the woodwork.  If you have any feelings where buying a particular property doesn’t make sense then move along.  But if you are seriously considering a home, don’t drag your feet as someone else might beat you to it.

8.  Making Too Many Concessions:

If you absolutely love a home and find that there are many other buyers who feel the same way, then don’t get sucked into a bidding war if the price of the home was on the higher side of your budget.  For one reason, if the house doesn’t appraise at the amount you offer, the bank will not give you the load unless the seller reduces the price or you pay cash for the difference. Also, never waive on a professional home inspection.

Buying a Windsor house for sale is a very emotional experience even though if any decision should be based on rational choices, this is it.  The best advice for any homebuyer is to slow down, have firm control on your budget and make a home decision that is good for you and your finances.

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