Searching for and ultimately buying a home can take a lot of effort and a lot of time. But when you realize that your home will become your greatest financial asset, it doesn’t seem like too much to do to make sure that you find a good one. Here are the top 3 mistakes to avoid making when buying a home:
- Not making an offer on a great home because you’re waiting for the price to drop. Let’s be honest, no one can predict what’s going to happen with the real estate and housing markets right now-they’re too all over the place. The truth is, now is probably the best time to buy because the market is down; the longer you wait, the higher prices will go.
- Settling for the wrong town. If it’s not what or where you want, don’t buy. It’s as simple as that. If you’re buying a house, it is a good idea to plan to stay for at least 5 years, probably more. So if you’re raising 3 little ones, you shouldn’t pick a town that is primarily home to older residents. You also will want to consider the quality of schools in the area, proximity to cultural centers, and the crime rates before you purchase.
- Buying a fixer-upper that you don’t know how to fix up. A lot of people assume that fixing up a house isn’t that difficult, and that they can cut costs by doing it themselves. This can be very dangerous and very expensive if you don’t know what you’re doing. If you’ve bought a house that is in a state of total disrepair, you could end up doubling the original sticker price. Be realistic when you go into it about what you can and cannot achieve.
With an abundance of properties to choose from in the market right now, you should be able to find the right house for you and your needs. Just make sure that you avoid these big mistakes when searching!
Read the original article from MSNBC Today here.