Are You Getting Ready To Buy A House?
Learn how you can avoid the 10 most common mistakes made by first-time homebuyers!
Below you will learn how to avoid the mistakes - the very costly mistakes - I made when buying my first house.
Buying a house is one of the most exciting things you will ever do. There's no better feeling than pulling into the driveway of your very own house (I know, for most of us the bank actually owns the house, but you get the idea!)
But there are LOTS of little details involved - details which can be very costly if they are overlooked! Believe me, I know, because I learned all this the hard way. And it cost me quite a bit of money. More than I even care to remember. That's why I created this course - to help you avoid these same mistakes when buying your new house.
Sample House Buying Checklist
Here's a simple checklist to help guide you step-by-step through the house buying process. It's easy to get caught up in the excitement of buying a home, and forget about some of the smaller details. This checklist will help keep you organized, and allow you to focus on the important stuff: House buying checklist
* House Buying Mistake #1 – Not knowing exactly what you want
Many people start house hunting without knowing exactly what they want. Unfortunately, this is a big mistake. Learn how - and why - you should create your house buying "Wish List" BEFORE you begin house hunting.
Creating a "wish list"
* House Buying Mistake #2 – Not using a realtor
One of the most important decisions you'll make during the home buying process is finding the right realtor (and yes, you should use a realtor to help you buy a house). How do you find a "good" realtor?
Learn more about finding the right realtor for you
* House Buying Mistake #3 – Ignoring your past credit problems
How is your payment history? Have you had financial problems in the past? If you're not sure about your credit (and even if you think it is perfect) you MUST get a copy of your credit report before you apply for a home loan. Mistakes happen. And you've probably read plenty of stories about identity theft lately.
Even if your financial record is "less than perfect", there are ways to fix your past mistakes, and save yourself lots of headaches
* House Buying Mistake #4 – Having too much debt
Getting into debt these days is easy. Credit cards are a way of life. But even if you have some debt, you can usually still buy a house. But it's a good idea to pay off as much as possible - before buying a house (especially if money is tight).
Learn about your options for paying off some of your credit card bills as quickly as possible
* House Buying Mistake #5 – Not shopping around for a home loan
One of the costliest mistakes home buyers make is wasting money - sometimes LOTS of it - paying a higher interest rate on their home loan. Just a few small percentage points can cost you thousands of dollars!
Learn how you can get the lowest possible interest rate on your home loan - and save yourself a ton of money
* House Buying Mistake #6 – Relying only on your realtor for finding your dream home
Now comes the fun part - finding your new home! While getting a list of homes for sale from your realtor is a good place to start, it's not the only place to look.
In fact, if you don't want to miss out on your "dream home" (as I almost did), there are other places you really need to look to find homes for sale in your area
* House Buying Mistake #7 - Making a full price offer
When buying a house, you don't always have to pay the listed selling price. In fact, negotiating is part of the process. Especially for a house that needs work, or is overpriced in the first place.
You want to offer the sellers enough so they will accept your bid - but you DON'T want to offer too much and overpay for the house
* House Buying Mistake #8 – Not getting the house inspected
The one step in the house buying process you should NOT skip is to have the house inspected. Whatever the cost (and usually it's a few hundred bucks) it is well worth it! Under no circumstances should you let the realtors or sellers talk you out of this one.
And the small amount of money you might save by not having the house inspected - well, just don't be surprised if you end up with quite a few unexpected (and very costly) expenses
* House Buying Mistake #9 – Not negotiating the final price
Once you have the house inspected, you'll get a report with all the flaws the inspector found (yes, even new houses will have some flaws!) At this point you'll need to make your most important decision of the entire process - whether to buy the house as is, or ask the sellers to fix some of the problems, or walk away and look for another house (we did this once, and we're very glad we did!)
Again, negotiating is part of the house buying process - and buying a home is a BIG expense - so if there's anything you're not comfortable with, now's the time to deal with it
* House Buying Mistake #10 – Having a plan after you buy the house
Congratulations! Once your final offer is accepted, all the negotiating is complete, and the moving trucks start rolling, you're now the owner of best house in the world...your own! But what if something goes wrong at this point? Even small moves require big plans.
And what if there are problems with the house that you didn't know about before? At this point, surprises are no fun - but sometimes, you do have options
* Some Final Tips
Here are a few more tips to help you become an "educated" home buyer, and help you avoid some of the costly mistakes I made. These resources come from some of the top real estate websites from across the Internet (and I've even been using a few of them recently as we've been considering another move):
Final house buying tips