Deadly Mistake #1: Thinking you can't afford it.
Today buying the home of your dreams is easier than ever before. Many people who thought that buying the home they wanted was simply out of their reach are now enjoying a new lifestyle in their very own new home.
Buying a home is the smartest financial decision you will ever make. In fact, most American homeowners would be financially broke at retirement if it weren't for one saving grace -- the equity in their home. Furthermore, mortgage rates are more flexible today than ever and tax allowances favor home ownership.
Real estate values have always risen steadily. Of course, there are peaks and valleys, but the long-term trend is a consistent increase. This means that every month when you make a mortgage payment, the amount that you owe on the home goes down and the value typically increases. This owe less, worth more situation is called equity build-up and is the reason you can't afford not to buy.
Even if you have little money for a down payment or credit problems, chances are, you can still buy that new home. It just comes down to knowing the right strategies, and working with the right people.
Deadly Mistake #2: Not hiring a buyer's agent to represent you.
Buying property is a complex and stressful task. In fact, it is often the biggest single investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicated. New technology, laws, procedures, and competition from other buyers require buyer agents to perform at an ever-increasing level of competence and professionalism. For many home-buyers the process turns into a terrible, stressful ordeal. In addition, making the wrong decisions can end up costing you thousands of dollars. It does not have to be this way!
Work with a buyer's agent who has a keen understanding of the real estate business and who is on your side. Buyers' agents have a duty to their clients. That means that your buyer's agent is loyal to only you and is obligated to look out for your best interests. A buyer's agent can help you find the best home, location and the best lender. Best of all, in most cases, the buyer's agent is paid out of the seller's commission, even though he/she works for you.
Trying to buy a home without an agent at all is... well... unthinkable.
Deadly Mistake #3: Getting a cheap inspection.
Buying a home is an expensive purchase. This is no time to shop for a cheap inspection. The cost of a home inspection is very small relative to the value of the home being inspected. The additional cost of hiring a certified inspector is almost insignificant. As a home buyer, you have recently been crunching the numbers, negotiating offers, adding up closing costs, shopping for mortgages, and trying to get the best deals. Do not stop now. Do not let your real estate agent, a "patty-cake" inspector, friends or anyone else talk you into skimping here. Beware of the friend that says he knows about homes and will look at it for you, although they mean well this can be a disaster and ruin a friendship. Camelot Home Inspections is licensed by the Texas Real Estate Commission, has over 25 years in the home building industry and has the credentials and proper tools for all of your Home Inspection needs. Camelot Home Inspections inspects each and every home as though it is our own home.
Camelot Home Inspections is a member of International Association of Certified Home Inspectors who front-ends its membership requirements. InterNACHI turns down more than half the inspectors who want to join because they can't fulfill the membership requirements.