Ten Mistakes Home Buyers Make When Buying a Home

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A few mistakes home buyers make when buying a home include not hiring a real estate agent, getting emotionally attached to properties and not looking at enough properties to get an idea for the market. Avoid these common home-buying mistakes with information from a Massachusetts Realtor in this free video on real estate.

Part of the Video Series: Real Estate: Buying, Renting & Selling
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Video Transcript

Ten mistakes that home buyers make when they are buying their home. Well whether it's your first home, or your second or third home people do make mistakes as they go through the process. It's very easy to do, it's a very complex and long process. I would say the very first one is that they try to do this on their own. Find a Realtor, the very first mistake is very often people try to do this on their own. And that's a recipe for disaster most of the time. Two people get very emotionally attached to specific properties. Don't get emotionally attached. If you lose out on a property just go on to the next one. It's, it might be something that is hard to swallow at the time, but a lot of times a deal will fall apart for good reasons. Three I would say not taking the time to really look at a handful of properties. Look and really take some time to do this. It's not the type of thing that you want to just go out see one spot and buy it right off the bat. Take your time. You want to know what's going on in the market. Four is not doing the research on your own beyond what your Realtor is telling you to really know the area and know what you are getting into. So I'd say number four, get the research done. Do a lot of your own and go out, go to the houses, walk the neighborhood, find out about schools,everything that you are concerned with. Really take it upon yourself to do the research. Five is not knowing the money involved in the whole situation. There's going to be a lot of cost involved. Your closing costs, your attorney's fees, your taxes, your insurance as well. So really know and work with your mortgage officer to know exactly what is going on. Six would probably be not knowing your condo's fees. If you are in a condo situation make sure you know what is going on in the condo. Taxes, trash removable, your master insurance, how much money their is involved in the condo. Make sure you really ask questions of your Realtor and the property management company to figure out what is going on in that type of situation. That would probably be number six. Seven kind of goes back to working with your mortgage officer. Know your buying power. Know how much you can afford. Know how much you can spend. Get pre-qualified. And know exactly what's going on. Eight, is not knowing the area, not doing your research. Nine is not having an exit strategy from your current situation. Make sure you can get out of there and get into a new place at a time that you need it. And ten would be ignoring inspection issues. Take your inspection seriously and make sure that you get everything you want out of the deal that you put on to your new house. And that's ten mistakes that people make.

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