Few homebuyers consider the possibility of losing their home. But mistakes happen. Some of them are difficult to avoid - they are the result of bad advice, bad luck or a market crash. However, many mistakes can be avoided with just a little extra knowledge.
Here are eight easy-to-avoidable mistakes that can take you out of your home before you've even had a chance to enjoy it.
Choosing Bad Agents
Not all real estate agents are equally qualified just because they have a real estate license. While some may know the territory and pursue your interests, many are ill-informed or working to ensure the seller gets the most out of the sale.
Given this reality, here are a few key steps to take when choosing an agent:
Interview your agent and don't worry about the possibility of offending them by asking difficult questions or clarifying answers.
Avoid hiring the cheapest and most active agent you can find, regardless of experience, because you think that agent will work harder for you.
Be sure to subscribe to the buyer's broker. agreement.
Once you have signed a contract with an agent, stick to it. Avoid the mistake of going directly to the listing agent for the home you decide to buy and asking that agent to write a purchase offer for you.
Cutting savings
How much should you spend on your new home? Simple answer: you should spend as much as you can afford.
If you're investing every cent you can scrape together in downpayment for a new home, borrowing money from relatives to pay closing costs, and planning to charge all repairs and future maintenance on a credit card, you're spending too much.
Do you need to cash out your retirement accounts to make ends meet? Not worth it.
Attending seminars “Without money down”
Free seminars can seem like a great way to learn about real estate. After all, you have nothing to lose but time, right?
In fact, many of these seminars usually go something like this: First, you call a toll-free number to book a table. Then you sit down for a three hour presentation of books, cassettes, CDs and special discounted services offered by seminar gurus who have most likely never bought or sold real estate in their lives. But they hope to capitalize on your vulnerability.
If you follow the advice of your so-called guru, you may find yourself making dozens of low offers that get rejected until you find a seller who takes over all the financing at 18% per annum with a three-year balloon payment.
As a result, you will lose much more than time, and everyone else, including the “guru” and the bank, will profit from your mistakes.
Refusal of professional advice
If you are a real estate expert, you would not be reading this article. This means that you will likely need professional advice when drafting a loan and mortgage agreement. Here are some ways to get started:
Look for information on the Internet. Of course, make sure you visit reputable sites.
Read real estate books.
Hire a lawyer and an accountant for advice - and listen to them.
Picking the wrong area
The three most important words in real estate are location, location, location. This means that even a great home in a bad neighborhood can be a bad investment.
How do you know if an area is bad? Sometimes this is obvious, but a little research can also be very helpful. Try doing the following:
Ask the police about crime statistics.
Talk to neighbors before buying.
Walk around the neighborhood at various times of the day, looking for problems like litter in the yard or boarded up windows.
Compare the price of the house you are considering with the prices of other houses in the neighborhood. If it's priced thousands less than homes in areas you've been considering but can't afford, chances are the location is the problem.
Choice of "exotic" financing
The lower your monthly payment, the more money you will have to spend each month on other things. However, it is important to take a close look at the fine print describing very inexpensive loans that may look great today but could become a real problem in a year or two.
What's wrong with cheap loans? Rates on many so-called "exotic" loans start low and then skyrocket. Others are regulated, which means this year's low rate could become an exorbitant rate next year.
Cancellation of home inspection
No matter how beautiful it is, every house has its problems. While peeling paint and broken railings are visually obvious, a faulty roof, corroded pipes, problematic wiring, or an outdated heating system may go unnoticed. All this costs money.
So how do you spot problems, especially if they are hidden, hidden, or within walls?
A home inspection is your best tool for troubleshooting and qualified Home Inspectors are trained to check all systems, appliances and pipes. Of course, you won't give up on your dream home because it needs a new paint job, but you can negotiate a price or ask the owner to paint the house before buying.
What happens if you decide it's better to save the money you would spend on home inspections and buy a new barbecue grill instead? There's a good chance you won't notice that the interior walls are peeling off because a fresh coat of paint can do wonders.
Dive into debt after closing a deal
Now that you're a homeowner, you're baffled by all the home equity loan deals coming in the mail. They can be tempting: You can get all your capital and use this newfound money to buy everything you need that you have denied yourself and your family.
Vacationing in Hawaii next December sounds great to you. What about buying patio furniture, or maybe new decking or a backyard spa?
If this sounds like a great plan, think again. When you buy a new home, you are responsible for taking care of it and paying for your investment. If you get into debt, the first minor setback - like losing a job or having health problems - can send you into bail.
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