The 5 Mistakes Seattle Home Buyers Make and How to Avoid Them
When a buyer sets out to purchase a new home, there are mistakes they can tend to make. The following is a list of those mistakes and how to avoid them.
1. Buying the first house they see
Many times the first home you see tends to stick in your mind and for some that may be the perfect one to buy but for others shopping around makes much more sense. And right now there is such an abundance of homes on the market that it a no brainer to take a look at a lot of them. Start your search online. Then contact a Seattle real estate agent and get some addresses of properties you would like to see. Do a drive by and check out the neighborhood. Then at this point if it seems like you want to view the home further, let your agent know and tour the inside.
2. Being overly excited
The thing to remember is that buying a home is a business transaction. You may find that your time is being wasted on a seller who isn’t interested in selling their house. Some people will never sell their house, no matter how good you may make the offer to them. Remember, in this market the buyer really has the upper hand. This is a buyers market and although you still need to be reasonable if the seller is letting you walk away, you need to be prepared to do so.
3. Not having the house properly inspected
This is one of the biggest, and most expensive, mistakes that a first time home buyer can make. Without knowing what the house needs to have done, they can end up buying a house that needs a lot of costly repairs for more money than it’s worth. Regardless if you are going to ask the seller for any repairs or deductions having a home inspection is a great way to learn more about a home. It also helps you prepare for future costs of repair or replacements such as the roof or major appliances.
4. Miscalculating the repairs on the house
Another mistake that first time home buyers make is underestimating the cost of the repairs that a home is going to need. Sometimes a buyer is so eager to close the deal they do not take time to sit down and figure out how much future repairs are going to cost. Once they have purchased the home and start doing the repairs, they may be shocked to learn that they are going to lose money on the house rather than make money on it. This all comes from having a good inspector at the inspection contingency time.
5. Not having the proper insurance
No matter if you plan to sell the property or keep it to rent, the property is going to need home owners insurance once it is in your name. You need to protect yourself and the property, especially if you are going to be renting it.
Those are the biggest mistakes that are made by first time home buyers. They are common mistakes that can turn costly if not carefully avoided. The thing to remember is to use common sense when you are buying real estate. It is easy to get excited about a new venture, but by being a smart consumer you can be light years ahead of the real estate game.