5 Top Home Buying Mistakes

So, you want to buy a house?

OK, then there are a few things you should know before you sign on the dotted line. There are many factors to consider when buying a house - some small, some big. But all are important.

Any many of them could be costly if you are not careful. It's very easy to lose thousands of dollars without even knowing it. So here are 5 of the top home buying mistakes you should do your best to avoid:

1 - Not hiring your own realtor:
If you start house hunting on your own, and find a house you like, it's tempting to use the realtor showing the house to help you. That's fine if you decide to buy another house, but it's not if you buy the house from that realtor. The realtor selling the house should not be the realtor helping the buyers. While this is not illegal, and might turn out fine, it's not the best situation to protect yourself. So, to make it easy, go out and find your own realtor before you start house hunting.

2 - Not shopping around for a mortgage:
Once you have your realtor, it's helpful to get recommendations from them for other services, with your mortgage being one of them. There's nothing wrong with contact the realtor's preferred mortgage lender. But it's also a good idea to find one on your own (either from the internet, in your local phone book, or recommended from a friend). Shopping around and comparing your options will ensure that you get the best rate, and best mortgage for your needs.

3 - Not getting the house inspected:
No matter what anyone tells you …. and no matter how nice the house looks …. always get a house inspected before you buy it! There are so many little details (and potentially major problems) that only a trained professional can find. Chances are, you are so in love with the house that you'll overlook minor problems. That's typical. And even if you're willing to overlook some bigger problems, it's better to know exactly what is wrong with the house before you move in. It does cost a few hundred dollars, and is well worth every penny!

4 - Not looking at several houses before making an offer:
The worst part about house hunting is searching for weeks and weeks to find your "dream home". But the benefit to this is that you'll get to see quite a few houses along the way. Not only will you know exactly what you are looking for - you'll also know exactly what you do not want, too. If you're fortunate and find your perfect home right away, just make sure to take a quick look at a few houses in your price range to make sure you don't miss out on any deals, and to make sure you have something to compare with.

5 - Not doing your research:
There are many points to consider other than just the physical structure you are buying. Your realtor should help you with most of these, but the more you know about the house you are buying, the better off you will be in the long run. Here are a few points to research:
-neighborhood
-school system
-surrounding area
-property taxes
-previous history of the house and property
-recent selling price of similar homes in the area

So, now you are prepared to buy your home and avoid some of the most common mistakes made by new homebuyers!
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