Home Buying Process Common Mistakes

Hey, big family! I’ve got another update on The Future of Real Estate.

As you’ve probably heard before, buying a home is the most expensive thing you’ll ever buy.

It’s about ten times more than the second thing, which is a car.

Yet, still so many people jump into the home buying process without being properly educated, and so they tend to make a lot of the same mistakes. Easily avoidable mistakes!

1. Overpaying
2. Maintenance
3. Home Inspection

(U.S. Air Force illustration/Senior Airman Grace Lee)

We’re going to focus on the three most common mistakes made by Millennials during the home buying process.

This generation in particular likes things that work quickly and easily, just like a mobile app.

They don’t have a lot of first-hand experience with real-world adult stuff, like buying real property. 

I just got done reading this awesome article on CNBC.com about Millennial homeowners and the three mistakes they tend to make during the home buying process.

Turns out that 40% of us already own our own homes. (Great job, us!)

But 40% of that 40% felt that they had regrets and made some mistakes.

3 Mistakes to Avoid During the Home Buying Process:

Overpaying.

A lot of these Millennials dipped into their retirements funds to pay their down payment. Y’all don’t want to go overboard, especially if it’s your first home. Be reasonable. (The 28%/36% rule is a good guideline, though you can always be more prudent.)

Maintenance.

Underestimating the cost of being a homeowner. No more calling the landlord if you’ve got a leaky faucet. You’ve got to take care of business. I recommend putting aside 1% of the of the value of the home (or the purchase price) every year for maintenance costs.

Home Inspection.

Not getting a home inspector during the home buying process. You don’t want to move into the home and then find out that it has issues.

It only costs three or four hundred dollars, and it’s going to be the best investment you can do before buying your home.

And if you have any issues, the Realtor will work with you hopefully to remedy those issues before you move in.

Call Jonathan Alpart today to discuss your real estate needs and the meaning of Key, Meet Door! (682) 207-2823