3 Homebuyer Mistakes to Avoid

By JDFerris | Industry Insights

Sep 23

Learn From Those Who Have “Mistaked” Before You

Following, you will find the 3 homebuyer mistakes you need to be aware of as you get ready to make that lifechanging decision and purchase the new home you have always wanted.

When you are preparing for, or in the process of, purchasing a new home, it is of utmost importance you understand what steps you need to take in order to complete the transaction in a timely and uncomplicated manner.

What people sometimes forget in their rush to get into the home of their dreams is to understand is the fact that some steps people take when buying a home are just plain wrong and should be avoided at all costs.

Mistake # 1: Believing you can’t afford it.

Lots of people who believed that purchasing the house they desired was merely out of their reach are now taking pleasure in a brand-new way of life in their very own homes.

Photo of dollar bill representing the idea that many people falsely believe they are unable to afford the home they want
Even if you believe you can’t afford the home you want, chances are there will be at least one method, or strategy, or broker, or mortgage agent with the information that could help you get into the home of your dreams

Purchasing a house CAN be the most intelligent financial choice you will ever make. A lot of property owners would be broke at retirement if it weren’t for one conserving grace– the equity in their homes — which also allows for certain tax allowances for homeownership.

This implies that every month when you make a home mortgage payment, the quantity that you owe on the house goes down and the worth usually increases. This “owe less, worth more” circumstance is called equity accumulation and is the factor you can’t afford NOT to take advantage of.

Even if you have little cash for the deposit or credit issues, the opportunities are so plentiful, there are always ways you can still purchase that brand-new house. It simply boils down to understanding the ideal methods and dealing with the best home inspectors, agents, and other industry professionals and insiders.

Mistake # 2: Not working with a buyer’s agent representing you.

Real Estate is a complex and demanding job. Innovation, laws, treatment, and competition from other purchasers create a need for buyer representatives to carry out the tasks required of an agent during the purchase or sale of real estate at an ever-increasing level of proficiency and professionalism.

photo of key and real estate agent as the visual for mistake #2; not working with a purchaser's representative to represent you.
Unless you are an experienced real estate investor, and/or have the utmost confidence in your knowledge and abilities, you should always hire a real estate agent/ broker to help you find and purchase a home.

Also, making incorrect choices can end up costing you thousands of dollars.

A real estate buyers agent can assist you to discover the most excellent home for you and your family, the most exceptional lending institution, and the finest home inspector in your location or area. It is important to always make sure your inspector is an InterNACHI-certified home inspector since InterNACHI inspectors are the most certified and best-trained inspectors in the world.

Shopping for and purchasing a home without an agent or a certified home inspector is, well, that would just be unimaginable…

Mistake # 3: Getting a low-cost home inspection.

Buying a home is likely the most costly purchase you will ever make.

photo of Jarrett Ferris wearing full crawlspace gear, getting ready to go under a home and fully inspect the crawlspace
Certified Professional Inspector Jarrett Ferris of SPS Inspections of Olympia Washington suited up and ready to fully inspect the crawlspace underneath a home in Western Washington. It is CRUCIAL to always have a qualified home inspector to inspect the house during the process of any purchase or sale transaction of the house.

The cost of a home inspection is quite small when compared to the total worth of the home to be inspected.

As a homebuyer, you have just recently been crunching numbers, working out deals, including closing expenses, shopping for home loans, and attempting to get the best offers you can find. But the inspection is not an area you want to scrimp.

Just like any other industry, you’re going to get what you pay.

Summary of 3 Homebuyer Mistakes

Now that you are armed with the knowledge of these commonly occurring 3 homebuyer mistakes, you can approach the purchase of your new home with more ease and comfort.

photo of a happy man on top of a mountain with two thumbs up as the summary picture of 3 homebuyer mistakes you need to know about
When you heed the advice of this article, 3 Homebuyer Mistakes you Need to be Aware of, it allows you to find even more enjoyment and less stress throughout the entire home purchasing process and transaction!

Many times it is not enough simply to know what it is you need to do given certain situations or circumstances, life events, etc. It is also important to know and understand the things you shouldn’t be doing as well.

I mean, it is literally impossible to know what you don’t know, so if you don’t know that getting a cheap inspection could end up costing you A LOT MORE money down the road, or if someone hasn’t told you this, you are much more likely to make this homebuyer mistake and possibly end up regretting the decision a great deal.

Some people say that money is power, which to a certain extent I can agree with and understand, but personally, I believe knowledge can be much more powerful than even money when used properly. So keep reading, and learning, and while you’re at it, why don’t you check out some other articles we have written, here at SPS Inspections of Olympia Washington!?

Now that you know what NOT to do when buying a home, head over and download our free PDF guide, Top Tips for Homebuyers!

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How many mistakes does this article cover?

Correct! Wrong!

You should typically try to find the lowest cost home inspection you can?

Correct! Wrong!

Never choose home inspectors based on how inexpensive they are. Just as with many other industries, you typically get what you pay for...

True or False: Home inspections are expensive in relation to the total cost of the home?

Correct! Wrong!

Whereas you will be paying your agent anywhere from 1 - 6% of the value of the home as a commission, the home inspection typically costs .05 - .6% of the home's value; one-tenth that of your agent, even as low as one-twentieth.

What face value did the $ have in the first photo on this page?

Correct! Wrong!

$1

What organization should you make sure your home inspector is a part of according to this article?

Correct! Wrong!

InterNACHI, or the International Association of Certified Home Inspectors

What is the term used in this article to refer to the concept of "owe less, worth more" in regards to homes?

Correct! Wrong!

Equity Accumulation comes about as the loan on your home is continually paid down lower and lower, and the lower its gets, the more "equity" you have in the home.

3 Homebuyer Mistakes Quiz
Your total score for SPS Inspections' 3 Homebuyer Mistakes article quiz:
0/6: Sorry, you are just not cut out to be an Ultimate Homebuyer. 1/6: Ouch, that hurts, don't let the 2x4 hit you on the way out, non-Ultimate Homebuyer Person! 2/6: Hey, not bad, but you still probably don't have a chance at becoming the Ultimate Homebuyer... 3/6: Hey, not bad, you just might have a chance at becoming the Ultimate Homebuyer one day... 4/6: OK, NICE GOING Ultimate Homebuyer Apprentice, keep it up and one day you will reach the apex of Ultimate Homebuyer-ness 5/6: Wait a minute, hold the phone, is that the Ultimate Homebuyer calling? Oh, it's just the Vice-Ultimate Homebuyer! 6/6: Congratulations on reaching the culmination of all the worlds homebuying knowledge, you are now at the apex of Ultimate Homebuyer-ness, and worthy to be named the ULTIMATE HOMEBUYER KING OF KONGS!!!!!

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Don’t forget to take a gander at our Resource Links List Page before you leave! If you did not know this, SPS Inspections is an active contributor to several real estate industry forums and blogs! Make sure to head over to our home inspection resource links list to find out where!

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