1) Don’t wait to buy
Timing the market is nearly impossible. When rates go up, prices come down. When rates go down, prices go up. There is no right time but paying rent is 100% interest and you get none of the benefits of building equity. There's a reason why big companies buy properties and rent them out because they get renters to pay off their debt for them which builds wealth.
2) Don’t move too fast
Buying a house is beyond exciting, but one of the biggest mistakes buyers make is moving too quickly and settling on properties they eventually regret. So take your time and choose the property that will meet all your needs. Remember to take your time, the right home will come along.
3) Don’t mix up your needs and your wants
If you need a home near a good school district, but want your “dream master bathroom”, most of the time it is smarter to go with a good school district. The novelty of your dream bathroom will wear off and it can always be remodeled later down the line. It’s a good idea to make a list before looking at houses and getting clear on your needs versus wants.
4) Don’t keep going without a break
If you feel like you can’t find your perfect home, that is okay! Homes come and go and even waiting just one month can make a difference in what will be available in the market. It is also a good idea to give yourself some time to recuperate so that you can take a more clear and less stressed approach.
5) Don’t get distracted
Sellers will make their homes look super amazing with fancy words or even fancy home specs, but focus on the parts of the home that cannot be changed. Homes that need a little bit more love are usually a better deal anyway, but make sure to check your budget for what might need to be replaced. Stay the course!
6) Don’t work without a buyer agent
Working with an exclusive buyer agent will help you to avoid buying the wrong house. Buyer agents are invested in helping only the buyer. They have your best interests in mind and will advocate for you. They will also know the best strategies for negotiating in today’s booming market and when the market cools off.
First-time homebuyers often want to make bids that are not in line with fair market value or include unreasonable terms and conditions. Such offers can make the seller less flexible when it comes to negotiating the final sale price. Exclusive buyer agents are experts in making the right offer on the right home.
7) Don’t break your budget
Figuring out your monthly budget for a mortgage payment is crucial to keep you on the right track financially as well as what you can afford in a home. A Lender will help you determine your debt to income ratio which will include your potential mortgage giving you all the details you’ll need to know when it comes to buying a home successfully. Don't be tempted to overspend, it may not be worth it in the long run.
8) Don’t get discouraged by the home inspection report
Every home will have an issue of some sort that will come up in the inspection. These may feel like setbacks, but the point is to inform you about what might need to be fixed on your potential new home by you or the seller , depending on the agreement.
9) Don’t buy without doing research
Take a look at as many homes as possible before reaching a decision. This will help you to learn the market in your area before committing. It will also help to give you an idea of how many other buyers are actively searching the market, as well as what price homes are selling for. Narrowing down the cities and towns you are interested in will help you better understand the local real estate market.
10) Don’t be unwilling to compromise
Most successful buyers make at least one compromise to afford their home. Whether it’s buying a smaller home than you imagined, or not having your “dream kitchen,” you may have to sacrifice one element for cost. Understand that compromising in some way is typically part of the home-buying process. Being willing to compromise, along with these other tips, will help you avoid ending up with a home purchase you regret.