People, who are interested in buying a home, need to put in a lot of thought and research, as it is an important decision to make. Many things need to be taken into consideration. Many people end up making mistakes that will cost them a lot in the future. The best defense against such mistakes is realizing what those mistakes are, so that you can avoid making them again.
* Not using a real estate agent or using the listing agent
Real estate is a complex industry, which takes years and years to master. However, agents have been in the business for years and can help you out immensely. Hiring one will help you to get good deals with less hard work from your side. These professionals can also help you in contract negotiations, paperwork, finding the correct home and even all the necessary arrangements to purchase your home. Many times people end up using a listing agent as their agent. This is a big mistake, as the listing agent is required by law to keep in mind the best interest of the sellers and not the buyers. So, hiring your own agent is necessary for getting a deal that is best suited for you.
* Not getting a neutral inspector
It is mind boggling to realize the number of people who will take advice of their agent blindly without a second opinion, when it comes to hiring an inspector. The profit for an agent will only happen if you buy the house. Therefore, the inspector that he hires may not provide you with a complete report, but instead with a biased report that will lean more towards the positives, so that you choose to buy the home.
Always go for a completely neutral inspector, who has no dealing with the agent. A neutral inspector, who will not stand to gain anything from your purchase, is the best option as you will get an unbiased report that will suit your needs and no one else’s.
* Getting attached to a home
This is one of the biggest mistakes that often happens unknowingly and is the most difficult to control. Very often you come across a home that has everything you need and you feel that you must have this home. You will be surprised to know how much sellers take advantage of such buyers. People in love with a house will often overlook many of its mistakes and tell themselves that they can fix it up later. People often even pay extra than they would otherwise, which is not a good idea for any buyer.
These are some of the commonly made mistakes by home buyers. This list is not complete, as people often find newer ways to make mistakes, but these are definitely the most common mistakes seen in the real estate industry.