Everybody knows that 2008 is a bad year for Real Estate owners, for shure, but on the other hand, is fairly good year for homebuyers since more deals can be found. Many predict that this year will be better than last year, and interest rates are still extremely affordable, our Colorado economy is stable and improving, and Colorado is the 8th fastest growing state in the country. If buying a home is in your future, knowledge is power.Here are ten of the biggest home buying mistakes that you'll want to avoid.
1.Not doing your homework. The more knowledge you have of the market and your options, the more power you have in your position as buyer.
2.Choosing a bad community or location.Keep in mind that one day you'll most likely want to resell. Location does matter and that will influence your selling deal.
3.Not re-visiting the neighborhood during different times of the day/evening. Does the street fill up with parked cars at night? Or does it become a commuter short-cut, filled with heavy traffic? Revisit the home at various times during the day and evening.
4.Picking the wrong mortgage. You'll have many financial options. Choosing the best one for you can save thousands of dollars.
5.Not insisting on a professional home inspection. Why risk buying a home with serious problems? An inspection typically includes a check of a home's major components. Any problems you may discover can always be negotiatied with the seller.
6 Falling so much in love with the exterior ( or interior decor ) that you overlook an inferior floor plan.. Study the floor plan, and imagine daily life within the home. Does it work?
7. Being impatient. Give yourself plenty of time. Being impatient leads to mistakes.
8. Trying to second guess the market to make a shrewd investment. Buy based on what works for you and your family.
9. Waiting for lower rates. As Warren Buffett once said: " The rear view mirror is always clearer than the windshield".
10. Not buying at all. A home is a long-term investment, and for most, it is the best investment of their life. Don't miss out on tax benefits, equity growth and pride of ownership that homeownership affords.
