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Common Mistakes Homebuyers Should Watch Out For

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By : Roby Hicks    99 or more times read
We all dream of owning a house someday. This is why we save for it. However, one mistake can lead us to regret ever making the purchase because this can lead to different problems. This is why you have to be careful. Many homebuyers commit the same mistakes over and over again. Knowing these mistakes will help you avoid them.

Among the mistakes that buyers commit concerns finding a good lender. Others make a mistake of failing to know the real value of the property or its condition. While there are also those who find issues concerning the neighborhood their home is in.

Here are some of the common mistakes buyers make:

  1. Many buyers do not work with a competent agent. Many think that they can handle the purchase themselves. However, this is not a good idea especially if you are buying a house for the first time. Purchasing a property is a complex process. In addition to that, there are a lot of terms that you may not understand. Having an agent will ensure that you are properly represented. You can make guided decisions because that is the responsibility of your agent.

  2. Several buyers borrow from the first lender they see. This should not work this way because lenders differ in many ways. You can clearly see the differences once you compare them. You will find that there is a variation in the mortgage rate as well as in the terms they offer. If you ask for a Good Faith Estimate from them, you can also compare and find the difference. Comparing the said information will help you choose the most suitable lender. However, you should also conduct a background check especially if you choose to borrow from a less known firm.

  3. There are also buyers who do not check the actual value of the property they want to buy. If you are not working with a lender, it is important that you research about this as the seller may have overpriced his property.

  4. Many also fail to find the right neighborhood for them. Bear in mind that location is vital in any property. Be sure to check the location before you purchase a property. See to it that it is accessible, if you have children, it is important that it is near a good school. Additionally, make sure that it is also safe. Learn about the HOA rules and regulations too. Moreover, it is vital that you check who your neighbors will be. You can get to know them personally by introducing yourself and letting them know that you might purchase the property next door. You may also choose to observe the neighborhood during the different time of day or rent a property there. Keep in mind that it is never a great experience to have an annoying neighbor.

  5. Most buyers would not want to do an inspection too because the property is sold at a very low price. However, values of properties have significantly declined in the recent year. Inspecting the property allows you to learn about the needed repairs. You can also use the result of the inspection to negotiate the value or the terms of the purchase. You should not forego of the final walk-through as well. This is your last chance of checking the house before paying for it.

Buyers commit a lot of mistakes when purchasing a home. However, if you do your homework, you will surely be able to avoid them.
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