Things Not To Do Before Buying a Home

While there are many steps which should be taken during the process of buying a home and afterward, there are also some things you should not do before buying and moving to a different home. Read on to learn about a few of these things:

1. Assume you will be moving to a particular home: When buying a property, even if an offer has been made and the property’s current owner has accepted it, don’t assume you will be living there until the title/deed is yours. It is not uncommon for real estate sales to fall through in their later stages. Lack of mortgage approval, problems found in an inspection or water test, or other issues could still prevent you from buying the home, so don’t pre-pay a membership at the local YMCA or accept a job down the street just yet.

2. Make many or large purchases before deciding upon a home to purchase: In the time between selling your previous home and before buying the next residence, be careful not to make excessive purchases. It is better to determine where to live next (or at least the price range of homes to be considered) and budget how much extra money you should have left after making the down payment. However, it is a good time to make necessary purchases (make sure you don’t spend more money on such things just because you have it) or pay off debts (credit cards, student loans, car loans, etc) if it is actually affordable.

3. Asking a realtor or homeowner to show you a home you haven’t seen in person: It is better to drive or walk by a property being offered for sale before scheduling a showing; the description and photo provided in a newspaper or web site listing often doesn’t provide sufficient understanding of the home and its surroundings. It may be right next to a busy highway, across the street from a business which produces noise or pollution, have things wrong with it which are not visible in the photo (such as poor roof or paint condition), or have other deficiencies you can spot by looking at it from outside. Scheduling a showing only based upon looking at an advertisement or listing for the home is often a waste of time for both the buyer and seller.

Avoiding these mistakes before buying a home will help prevent you from running into financial difficulty or other inconveniences, giving you a better chance of achieving a successful home buying experience.

mortgage101 on November 12th 2007 in Home Buying

Trackback URI | Comments RSS

Leave a Reply