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1. Not Doing Your Homework - Knowledge is power. Tremendous information is available on the Internet. There is no excuse for entering the market unprepared.
2. Buy What You Need - People need to buy based on what fits their family. Don't try to guess what will happen to the market.
3. Choosing A Poor Location - Even within a neighborhood, location matters. Is it on the busiest street? Is there a shopping center out the back window?
4. Overlooking An Inferior Floor Plan For An Attractive Exterior - It may have gorgeous curb appeal, but you don't live on the lawn. No matter how attractive the exterior, you need a livable home.
5. Overlooking How The House Will Function For Your Family - How do you really live? Do you really need a formal dining room and living room? Would you be happier with an eat-in kitchen and a great room and a den to use as a home office? The house only needs to fit one family -- yours.
6. Not Having The Home Properly Inspected In A Resale - This is not the time for surprises. Get an inspection from a qualified, respected professional.
7. Not Checking Out The Builder's Reputation On A New Home - Talk to three or four people who live in the builder's homes and see what they have to say. If one builder did all the houses in a neighborhood, talk to the residents and get their input. (It's also a great way to see what your neighbors would be like.) Ready to find a mortgage?
8. Not Getting What You Want Because You're Impatient - This is a big decision. You need time. Impatient decisions can lead to mistakes.
9. Waiting For A Better Market And Interest Rates – The rear view mirror is always clearer than the windshield.
10. Not Buying At All - If you can afford a home and you don't make that purchase, you'll lose the benefit of tax deductions, building home equity and the appreciation in value.
Source: Bankrate.com
| Doug Rocky
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