Common Home Buyer Mistakes

Learn about common home buyer mistakes that you must avoid…

 

Whether you are a first-time home buyer or you have purchased a number of homes, there are certain mistakes that many buyers make without even realizing they are making a mistake when purchasing their home.

 

In this discussion TheWealthIncreaser.com will discuss 5 common mistakes that you can avoid in your next purchase if you are currently a homeowner, or avoid altogether if you are yet to purchase your first home.

 

Mistake #1

Not knowing their credit and finance position prior to purchase

You must at this time make it a priority to know and understand your current credit and finance position so that you can purchase your home from a position of strength.  By doing so you open up new ways and possibilities to manage your finances in more advantageous ways.

 

In order to know where you can possibly go you must first determine where you currently are!

 

By creating personal finance statements you can get a handle on your finances and make your home ownership period a much more enjoyable experience for you and your family.

 

Mistake #2

Not choosing a competent real estate agent

It is important that you choose a competent highly effective real estate agent that knows the market area and knows the home buying process.

 

Will you purchase a 30 year old home that needs HVAC repair or replacement, water tank repair or replacement, plumbing repair or replacement and other repairs or replacements related to the home after you close–or have you chosen an agent who knows how to effectively negotiate your home purchase to your advantage in a real and meaningful way to improve your “bottom line”  and set you and your family up for future success when all is said and done (closing has concluded)?

 

Will you choose an agent who can effectively negotiate for your best interests in all areas of the purchase including closing costs and loan terms?

 

These and other concerns must be asked up front by you–so that you can more effectively work to make your dreams come true.

 

Mistake #3

Not understanding the true cost of home ownership

When you purchase a home you must know the true cost of ownership and that includes knowing the principal, interest, taxes, insurance, HOA, MIP/PMI, maintenance and all other associated costs.

 

You cannot purchase your home and underestimate housing costs including utilities such as water, electric, gas,, cable, garbage, storm water fees etcetera, as that underestimation can make your period of home ownership less enjoyable and more stressful for you and your family.

 

Mistake #4

Not understanding the complete home buying process

The purchase of your home must be understood at a conceptual level and you must know what will or is most likely to happen from start to finish.

 

You must know your credit position, area of purchase, environmental concerns within the home that you are considering for purchase along with environmental concerns in the surrounding area in which the home is located.

 

In a nutshell, that means you must know what to expect from prior to your loan approval to post closing!

 

By gaining this critical understanding at this time you put yourself in position to control the home buying process or any transaction in which credit is involved as opposed to letting the process or transaction control you!

 

Mistake #5

Not planning for their future in a comprehensive manner

It is important that you plan your home purchase with the end in mind, meaning you know prior to purchase how you intend to dispose of (or keep) your property (as best you can as life can be unpredictable).

 

You must know how your housing costs interact with the other areas of your finances such as insurance, investments, taxes, education planning, estate planning/wills, emergency fund and retirement planning so that you can achieve more during your lifetime.

 

By doing so you will be displaying a real commitment to determine your own future outcomes and success will be more likely to occur throughout your lifetime because you will have planned in a wise manner.

 

Conclusion

It is important that you go into your home purchase in a sober manner and with the clarity and vision that you need to put yourself and your family in the best position possible to succeed.

 

By having a real understanding of the pitfalls that you need to avoid to make your home purchase a more successful one, you put yourself in the drivers seat as opposed to being driven in directions that are not of your choosing.

 

By landing on this page and taking the right action at the right time you can position yourself and your family for a successful home purchase in this economy–or any economy.

 

All the best to your home buying success as you are now in position to give it your absolute best…

 

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