1. Thinking you can’t afford it.
Many people who once thought that buying the home they wanted was simply out of their reach are now enjoying a new lifestyle in their very own homes.
Buying a home is the smartest financial decision you will ever make, and one of the best investments. In fact, most homeowners would be broke at retirement if it wasn’t for one saving grace — the equity in their homes. Furthermore, tax allowances favor home ownership.
Real estate values have always risen steadily. Of course, there are peaks and valleys, but the long-term trend is a consistent increase. This means that every month when you make a mortgage payment, the amount that you owe on the home goes down and the value typically increases. This “owe less, worth more” situation is called equity build-up, and is the reason you can’t afford not to buy.
Even if you have little money for a down payment or credit problems, chances are that you can still buy a new home. It just comes down to knowing the right strategies, and working with the right people.
2. Not hiring a buyer’s agent.
Buying real estate is a complex and stressful task. In fact, it is often the biggest single investment you will make in your lifetime.
At the same time, real estate transactions have become increasingly complicated. New technology, laws, procedures, and competition from other buyers require buyer agents to perform at an ever-increasing level of competence and professionalism. In addition, making the wrong decisions can end up costing you thousands of dollars.
This is why you need a buyer’s agent to represent you during the process. Remember, the listing agent has a legal responsibility to work in the best interest of their client, so you need your own agent that is working in your interest. And a buyer’s agent doesn’t really cost you anything since their commission is paid out of the proceeds of the home sale.
Work with a buyer’s agent who has a keen understanding of the real estate business and the local market. A buyer’s agent has a fiduciary duty to you. That means that he or she is loyal only to you and is obligated to look out for your best interests. A buyer’s agent can help you find the best home, the best lender, and the best home inspector in your area.
3. Getting a cheap home inspection.
Buying a home is probably the most expensive purchase you will ever make … so it’s no time to skimp on a home inspection.
The cost of a home inspection is small relative to the value of the home being inspected. The additional cost of hiring a certified inspector is almost insignificant by comparison.
As a home buyer, you have recently been crunching the numbers, negotiating offers, adding up closing costs, shopping for mortgages, and trying to get the best deals. Don’t stop now!
A thorough home inspection will provide you peace of mind by offering a solid understanding of the state of all of the systems in your prospective new home – roof, foundation, HVAC, plumbing, and even any included appliances. It’s meant to help you understand what additional maintenance, repairs, and investments that you may need to be making to this new home in the future, so that you have a better understanding as to the full budget requirements that you’ll be facing.
The knowledge you gain more than pays for the cost of the inspection.
Semper Fi Home Inspections is a member of InterNACHI. InterNACHI turns down more than half the inspectors who want to join because they can’t fulfill the membership requirements. InterNACHI-certified inspectors perform the best inspections, by far and earn their fees many times over.
If you are in need of a home inspection in the Dallas/Fort Worth area, and would like to receive a thorough and informative home inspection report, book your inspection by calling:
or schedule your home inspection online.