CHAPTER 7 Common Buyer Mistakes
Once you’ve decided to purchase your fir st home, and you’ve followed the steps and tips explained in the earlier chapters, it’s important to avoid common buyer mistakes — common mistakes that all buyers make vs. common mistakes fir st-time buyers make. Unfortunately, many buyers get caught up in the excitement of homeownership, or moving from a starter home to their dream home. Th rough their rose-colored glasses and their clouded judgment based on focusing on their emotions rather than using a cool, rational, level-headed thought process, they end up making easily avoidable mistakes that are not only costly, but can also prevent them from reaching their goal. Learn from the following common buyer mistakes so that you can avoid making costly errors and regrettable decisions that could temporarily stop you in your tracks on your way to homeownership. Remember, you hold the power, and knowledge is power! COMMON MISTAKES ALL BUYERS MAKE:
• Not knowing your budget • Disregarding hidden costs • Not knowing your credit score • Disregarding local housing market trends • Not being represented by an agent
Mistake #1: Not Knowing Your Budget One of the fir st mistakes that is common to all types of buyers 58
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