Six Fun Ways to Screw up Your First Home Purchase

Whether you are a first time Buyer or just haven’t purchased a home in awhile, I’ve come across a few easy ways to complicate the process and get in your own way over the past 21 years in the biz. Let’s discuss!

Two Thumbs Up

  1. Search for love – not a price point! Why bother to get preapproved by a lender? Find a neighborhood you love and worry about what you’ll qualify for later. That won’t come back to bite you at all. (An alternative to this classic mistake is to complete the approval process with a lender before you begin your search. Try it – you’ll like it!)
  2. Other expenses? Whaddaya mean? Paying for a house includes a mortgage – but you’ll have other expenses to consider as well. Taxes, PMI (Private Mortgage Insurance – depending on the type of loan you obtain), HOA fees, utilities, property insurance (that’s for the house and your stuff – not the same as PMI).
  3. DIY Inspection. Look around a bit, kick the floorboards, run the sink… If everything seems okay to you, it’ll probably stay that way. (OR – hire a qualified, licensed inspector to help you look under the hood of your biggest financial investment ever.)
  4. Buy the lousy (or high priced) house with the pool. It’s a pool, people! Everybody’s got their thing. Yours might be a cozy front porch, a killer man cave, granite counters in the kitchen… You can buy an overpriced (or even lame) house because you are caught up in a single element – or you can look at the whole picture when choosing a house.
  5. Buy the prettiest house in the neighborhood. That’s gotta be a win, right? After all, you don’t have time for a fixer upper (like, painting a couple of rooms and weeding the flower bed.) Of course, your new home won’t appreciate in value the way a home with room-for-minor-improvement will – but go for it!
  6. Fly solo, you captain of your own dreams, you! This is America – the land of the free and the home of the brave. So buck up your courage and go it alone on your search for a home… OR, hire a licensed Real Estate agent who knows the communities and neighborhoods and comparable properties for homes you are looking at. (You know – to negotiate a great price and find the right home for you.)

If you’re ready to start your journey toward home ownership, I’d love to be your guide. Drop a line to learn about trends in your favorite neighborhood or to get started on your home search today.

Jack Meyers

The Meyers Group
jackestate@aol.com
303.263.3050
Twitter: @jackestate

 

 

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