06/07/2023
Top House-Hunting Mistakes
Don't underestimate your feelings or overestimate your finances
Buying a home can be an emotional process. If you allow those emotions to get the best of you, you may fall prey to several common home buyer mistakes. Since homeownership has far-reaching implications, it's important to keep your emotions in check and make the most rational decision possible.
Your plan may be a home you love at a price you can afford, but unfortunately, many people do things that prevent them from achieving that dream. Let's look at some of the top house-hunting mistakes people make—and how to find a house the right way.
KEY TAKEAWAYS
* Before you start house shopping, be realistic about what you can afford, and tailor your search accordingly.
* Downplaying flaws could be a costly mistake, as could overestimating your ability to play handyman yourself.
* Jumping in too fast or waiting too long to put in an offer are both risky in terms of cost and what kind of property you might end up with.
* Don't overbid for fear of losing out, as it can cause problems with the appraisal, the mortgage, and reselling the house.
If you can't afford the house, take it off your list.
