5 Mistakes Buyers Make When Purchasing A Home

[Avoid these common pitfalls]

1) Not getting pre-qualified before making an offer.

Make time to talk with your bank or mortgage professionals to learn your lending options. Their questions about income, debt and other factors helps determine how much you can borrow for your dream home.

2) Limiting your home search.

The homes you find online or in magazines may already be sold. Rely on your real estate professional to provide you with the most up- to-date information on what’s out there.

3) Not knowing all the costs.

Get an estimate of the closing costs from your agent or lender early in the process. Don’t forget to ask about homeowner’s association fees and insurance! Examine your settlement statement carefully before closing.

4) Thinking there is only one perfect home.

Remember, buying a home is a process of elimination, not selection. New homes hit the market daily, so consult your real estate agent for a comparative market analysis that shows properties for sale that are similar to your dream home.

5) Skipping home inspection.

Trying to save money today could end up costing you tomorrow if you forgo a home inspection. Get a qualified inspector to detect issues you may have overlooked, so you know what to expect.