Let’s face it, everyone wants to save money and everyone loves to get a great deal, but when you’re looking to purchase something as large as a home that may not be the best buying strategy. Yes, you’ve got to work within the bounds of what you can afford, but that doesn’t mean you should cut corners on the things that really count. Here are some tips to help you avoid these bargain buyer mistakes:
Not Hiring a REALTOR®
It seems like a money saver…after all you’re spending less money on the process of the transaction…but the dollars you save might not make sense. Fact is a qualified
realtor will do more than just help you find a great home, they will help you understand the market, to think of long term considerations, and of course make sure all the paperwork is exactly as it needs to be. They are your advocate in what can be a tumultuous undertaking. If you avoid cutting corners no where else, avoid it here and invest in working with a professional.
Low-balling the Seller
Most sellers aren’t even going to consider a low-ball offer, especially in a market that is moving well or in which they’ve received multiple offers already. The seller sees their home as an investment, so they want to recoup as much of what they’ve put into the home as they can, and a low ball offer won’t likely open them to negotiating if they already are feeling insulted. If you do come in with a low offer and they are willing to talk make sure you show them comparable properties and information that led you to make the offer you did.
Settling for Less
Not compromising, compromising is something different and is a natural part of making the most between what you want, what is available, and what is affordable. Settling is only caring about the price part of that equation and grabbing whatever fits that criteria without concern for if it fits any other need. Settling is sure to lead to disappointment, either immediately or in the long run, whereas compromise is often a thing which can lead to great satisfaction that originally thought possible.
The Fixer Upper
This can go either way, but generally it only works when it’s taken up with realistic expectations. A fixer upper can be great if it doesn’t need a lot of work, if you are
mechanically inclined, or if the fixes that are needed don’t run too deeply under the surface of things. Always get a home inspection so you can tell what you’re getting into – that simple repair job that you think you can save on might actually end up costing thousands. At the same time older houses that just need a little TLC can be great homes and come at a better price, so don’t rule them out – just weight the options.
No matter the price tag a home is truly only a good buy if it fits your family’s needs for space, function, and comfort. Buying a home that doesn’t meet the most basic of your needs can end up costing you far more than what you pay at closing, so choose wisely, your home should be a place of solace that will fit your needs not just now but for years to come!
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