Big Home Buying Mistakes
One of the biggest mistakes a homebuyer can make is to look for a home prior to pre-qualifying for a loan. Not only are you going to be putting the cart before the horse but your home will more than likely be sold by the time you get financing so all your time and effort have been wasted. It is best to get pre-qualified so that you will know the price range of a home that you budget for.
A lot of people have found their dream home to turn out to be held together by paint and nails only because they chose not to do a home inspection for termites prior to signing the contract. You will want to have at least a termite inspection done as well as a plumbing and electrical. There are people who will look your home over prior to purchasing to ensure you are buying a sound house. Don't even think of purchasing a home without having some of the inspections done. After all this is the largest investment you may make in your lifetime. Don't make it a gamble.
There is a document called a “Sellers Property Disclosure” where by law they must list all things that are known to be wrong with the home such as leaks in the roof or bad plumbing or faulty electrical wiring. Don't forget to read this prior to signing the contract.
Speaking of leaks, during the rainy season is a good time to look for homes. This way you can see if there are leaks in the roof or gutters that are in need of repair. Also, the best time to look for a home is between Tuesday and Thursday. Leave Friday and the weekends to the others when the competition is tight and you don't have a lot of bargaining power.
You want to ensure that your home is worth every penny that you are paying. In the future you may want to sell it and get your money out of it. If your home is priced way over what the rest of the neighborhood is paying for their home and it is of comparable size and features then you will want to know this because you will not get a penny more than the last house that sold. If you paid more than what it is worth then run don't walk away from the deal.