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This Old House - Do-it-Yourself

Common mistakes people make when buying a house

Written by Posted On Friday, 27 January 2017 21:57



Buying a house might seem like something that you can do completely on your own without any difficulties. However, there are a few common mistakes that people make during this process that you can avoid if you know about them.

The most common mistake that people make is not hiring a realtor. People think  they can do all the paper work that comes with buying a house on their own, but realtors know all the legal terms and conditions that is required to buy a house properly without having any problems. Especially if it is your first time buying a house, you should always find a good realtor. A lot of people try going to buy a house without a realtor to save costs, but it only ends up biting them and costing more in the future. If you are looking at homes for sale in Picayune MS, or anywhere in general, always look for realtors with good ratings in the area.

Probably the second most common mistake that people make is not hiring a home inspector. You should hire a home inspector because they can see things that you can’t. A home inspector will tell you if there is unseen mould somewhere in the house, if there are any problems with the foundation, or any problems with plumbing or electoral that you won’t be able to know on your own. They also let you know if there is any problem with the roof, if there are any leaks, etc. Basically, home inspectors tell you if the house is in good condition or not.

Another popular mistake that people make is not knowing what they can afford. Amy Fontinelle wrote an article for Investopedia about mistakes that first time home buyers make, and this was an important point that she brought up. She wrote: “As we've all learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don't already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on. Don't forget major expenses that only occur once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you'll know how much you can spend on your new home each month.”

Buying a house is very important, please don’t make these common mistakes! Do your research and do not hesitate to ask for help or advice if you need it.



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