Someone recently asked me to do a post on what not to do when buying a home. Sure, I offer a lot of advice on how to buy homes and how to sell homes, so why not talk about the mistakes?
I think my first bit of advice is to ask people where they see themselves in seven years when seeking to buy a home. If it isn’t in the neighborhood they are looking at, it’s not the time to buy. Also, many newly wed couples are seeking trending locations close to work and bars. Well, what about kids? What about space? Are you planning on moving up within your present company or changing jobs within the next seven years? These are questions you should consider when buying a home.
Look for hidden issues. Many homes that are flipped have hidden issues. Yes, flippers put a lot of time into hiding issues vs. fixing them- that is how they make a profit. If you’re trusting a flipper without a home inspection based only on a “great but time sensitive deal” then Houston- you have a problem.
Finally, don’t buy because you feel you have to. There is something about hitting 30 that makes singles buy homes. Why? 30 is a number- not a requirement to buy property. If you feel like you are only buying out of a social expectancy- rethink your surroundings before buying anything from a car to a home.
Until next time,