3 Home Buying Mistakes to Avoid
If you’re thinking about buying a house then you’ll want to make sure to avoid these 3 home buying mistakes!
First things first - there are a lot of mistakes that can be made during the home buying process. But, that video would be obnoxious!
Hi, I’m Heather Wright with RE/MAX Concepts. I’m a REALTOR in Des Moines and I can help you avoid these 3 home buying mistakes.
NOT KNOWING YOUR BUYING POWER!
This is often how people get started with the home buying process. They need to move in the near future and they start questioning if renting is really the best thing for them. So they look at homes for sale on the internet and see ALL the opportunities!
But, before you fall in love with a home, mentally move in and start arranging your furniture… you need to know if you can afford it!
Maybe you’re flush with cash so you know you’re good for the price of the house.
Most people need to get a loan (aka a mortgage). Now, if it were up to me, EVERYONE would be approved for ALL THE MONEY. (Which is probably why they don’t let me give approvals!) So, you should talk to a banker, loan officer, or someone with the money to get pre-approved and know your buying power.
Buying power is more than just the price of the house. It includes taxes and insurance, HOA fees, and anything else that might affect the monthly affordability. No one wants you to have a swanky house but not have money to eat!
Trying to do everything yourself.
This is when you need to build your team! You’ll need a real estate agent and a lender. These are the team players that can make it or break it for you.
You want a real estate agent that knows the market, understands your wants and needs, and is looking out for YOUR best interests. Not to mention they should have some training, experience, and ability to negotiate!
You want a lender that has access to multiple programs, gives you options on how to save money, and has a strong support staff. You want them to be educated on market trends and have a system in place to eliminate surprises so you get to closing with little to no issues.
Once you’ve built your team - you need to BELIEVE in them. Don’t be calling around to other agents because you don’t want to bother your agent. Trust me. Your agent WANTS to be “bothered”. It’s our JOB to answer your questions and show you houses. If your agent is too busy - you might have a weak link in your team.
Same with your lender. Desperately seeking the lowest rate from every bank and lender in town isn’t going to work in your favor. Getting second opinions is one thing - but getting 32 second opinions is a sign that you’re not confident in your initial team selection.
At some point, you’ll be tempted to take advice from your parents or other well meaning people in your life and you might find yourself confused. If that happens, you can rest easy knowing you’ve built a strong real estate team who is there to help you meet YOUR goals.
Fear of missing out.
The FOMO is real, I get that. We tell all our buyers that “you’ll feel it” when it’s the right home. When you find the home that checks all your boxes, and it’s at the right price, this is when you should talk to your agent about next steps. You don’t want the FOMO to take control and look at 27 other houses just to “make sure” you’re not missing out on something better. So, put the FOMO in check or you might miss out on “the ONE”
That’s it - now you know how to avoid my top 3 home buying mistakes.
If you happen to be in the Des Moines area and thinking about buying a home, be sure to grab my guide on where to find the FREE MONEY in Des Moines. We put together a list of ALL THE WAYS you can get FREE money, or at the very least SAVE money when you buy in the Greater Des Moines area.
WHAT IF YOU COULD USE SOMEONE
ELSE'S MONEY TO BUY YOUR HOME?
If you've been thinking about buying a house in the Des Moines area, you should download our expert guide to finding FREE MONEY in Des Moines.