The Top 5 Mistakes Home Buyers Make - Buying a new home is an exciting and sometimes stressful time. But since it’s one of the biggest purchases you will make in your entire life, it’s something you need to do very carefully! There are many things you need to consider, but most importantly, make sure you don’t make one of these 5 common mistakes:
1. Starting your search at the high end of your price range
One of the biggest mistakes buyers make is setting a budget and then automatically looking for homes at the high end of it. Although a higher price doesn’t always mean a better home or a more perfect home for you, higher price tags typically come with better amenities. But by beginning your search at the low end of your budget, you could potentially find a home you love and save yourself some money. Your perspective changes when you see homes that are pricier and have better amenities, so it’s always important to start with a clean slate. If you can’t find a home you love in the lower end, then you can start checking out more expensive homes – not the other way around!
2. Becoming emotionally attached to a home out of your budget
It’s pretty typical to look at homes out of your price range, telling yourself you are “just looking”. But window shopping becomes a slippery slope as you head to the open house and then find yourself in love. When you become emotionally attached to a house out of your price range, you begin imagining yourself in the home and what your life would be like there. You imagine yourself soaking in the deep tub and taking advantages of the other amenities in the home and then next thing you know, you suddenly can’t live without it! Once you form that attachment, you begin trying to justify the cost of the home and could even end up buying something you can’t afford. One way or another, it will end in heartache. Either you are living in a home you really can’t afford, or you have to walk away from your dream home. It’s just not a path you want to go down.
3. Justifying or ignoring flaws
You find a house and it’s almost perfect. There may be one or two small things you don’t like about the house, but you decide you will learn to adapt or ignore them. Humans are very good at making justifications when we are in a hurry or really want something. However, a big mistake buyers make is justifying flaws. Be realistic about a home. Are you really just tired of looking? You may think you can live with a small kitchen or only one bathroom, but it will most likely irritate you or make you resentful in the long run.
4. Rushing to make a purchase
When you are in a hurry, you typically will think a little less clearly about what you can tolerate, what your needs are, and what you can afford. Even if you are forced into a situation where you need to make a purchase quickly (like moving to a new city for a new job, for example), it’s important to really take the time to find something that’s right for you in the long run – not just right for you right now. It’s just too big of an investment to make a rushed decision!
5. Getting into a bidding war
Humans are competitive beings. The thought of winning sometimes clouds our judgment and makes us do irrational things. If you find yourself in a bidding war for a home, set your top price and stick to it no matter what. Realize that walking away will lead to something better and more affordable for you without having to push your limits.
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