Common Buyer Errors to Avoid
Use this list as a guide to help you avoid the most common mistakes.
Shopping without a plan. It takes you longer to shop, adding more stress, and you end up
spending way more than you budgeted. A little planning will save you both money and time.
Develop a detailed plan to keep you focused on the task.
• What are the features of a home that you would like to have if price permits?
• What area of the city do you want to live in?
• Which schools, churches, public places do you want to be near?
• What price range do you want to stay within?
Searching for your new home without pre-approval from a lender. In most cases, one can get
pre-approved within a day or two. When you are shopping for a home, this gives you more power. A
seller is more likely to consider an offer from a serious buyer who has started their financing process.
Allowing first impressions to overly influence your decision. The first impression of a home has
been cited as the single most influential factor guiding many purchasers’ choice to buy. Make a
conscious decision beforehand to examine a home as objectively as you can.
Making an offer without sufficient information. Is the price too high or is it in line with similar sales? In order to know that you are making a smart investment, have us complete a Comparative Market Analysis on the property. This will provide you valuable information such as what other similar homes have sold for recently, and provide an unbiased opinion on the value of the home.
a home inspection completed prior to buying by a reputable company not only gives you the
reassurance of confidently purchasing a home, but it also helps you to enter the negotiation process
with your eyes wide open. It will alert you to underlying problems that could cost you significant
money in both the short and long run so you are not caught off guard on unexpected repairs.
will need to be completed, whether it’s an immediate repair or one you will need to budget for three
years down the road. We can connect you to the professionals you need to determine how much
repairs will approximately be, everything from shingles and windows to bracing basement walls.
Not understanding your rights and obligations in a contract. It is our utmost duty as your REALTOR®
to ensure that you are protected, and that is why utilizing us to represent you while purchasing a home is so crucial. Wrong assumptions, poorly written or missing clauses could contribute to increased costs or even lead to a void contract, so take the time with us to make sure you understand what you are signing up for.
Not recognizing different styles and strategies of negotiation. Every transaction is different, and
the style of negotiating will vary depending on a number of variables. Many buyers think that the way
to negotiate their way to a fair price is by offering low; however, in reality, this strategy may actually
result in the Seller becoming more inflexible, polarizing negotiations. It is our job to inform you on
which strategy will prove most effective depending on the situation.
Not understanding additional closing costs. Keep in mind that there is more than the purchase price
to budget for when buying a home. Closing costs are the additional expenditures that you need to
be aware of when buying a home. These costs include lawyer’s fees, inspection costs, home
insurance, moving costs, and utility hook-up fees.
Not planning for the move sufficiently. Too often, possession day rolls around and all chaos breaks
loose. Here are a few suggestions:
• Try NOT to move on your possession day. There may be minor glitches that happen on this day, so just allow this time to do a walk through with us and don’t book your movers or your service providers to come until the next day. You may want to clean or paint prior to moving as well.
• Look into hiring professional movers. Sure you may save a little money paying your friends and family in pizza and beer, but hiring movers will expedite the process and ensure that your possessions are safe.
