Buying a home is probably the largest purchase you’ll ever have to make. An investment that large is extremely personal. Getting emotional will come naturally and it could get you in trouble. Here are emotional mistakes that homebuyers often make:
Falling in love with a house
Ideally, most buyers should look at five to seven properties before making an offer. If you happen to fall in love with the first home you see, make sure you inspect the property thoroughly and try to find the flaws. Sooner or later, you’ll learn that no home is perfect. Make sure you find a home based on what you need. Otherwise, you’ll realize you overpaid for a home that doesn’t meet your needs and that will be difficult to sell for a reasonable price down the line.
Constantly looking for a better deal
The current market has buyers thinking that there’s always a better deal elsewhere. Many believe that they can get more for less. Unfortunately the market is always changing. For instance this year there’s been a shortage of inventory. This is driving up home prices, making deals virtually impossible to find. If you find a home that meets your needs, have your agent do a comparable market analysis. Use this data to make a competitive offer. Do not constantly look for a better deal unless time is not a factor.
Buying a home means making a lot of tough decisions. From budget to location to size, you’ll need to know exactly what you want. If you’re indecisive about what you want, you’ll lose many homes before you understand your needs.
Thinking short-sale or foreclosure as a deal
Short-sale and foreclosure to buyers are buzz words for deal. This is not always true. Many buyers pay above market value for these homes. Have your agent do the comparable market analysis before making an offer.
An offer for a home that you are serious about purchasing should be competitive and realistic. Lowballing a seller may insult them and lengthen the process of negotiation.