Based on 25 years of home-building experience for
30,000 people, Weekley offers these 10 biggest mistakes
in home buying:
Not doing
your homework. Knowledge is power.
Tremendous information is available on the Internet.
There is no excuse for entering the market
unprepared.
Trying to
make a shrewd investment. People need to
buy based on what fits their family. Don't try to
guess what will happen to the market.
Choosing a
poor
location. Even within a neighborhood,
location matters. Is it on the busiest street? Is
there a shopping center out the back window?
Will there be?
Overlooking
an inferior floor plan for an attractive exterior.
It may have gorgeous curb appeal, but you don't live
on the lawn. No matter how attractive the exterior,
you need a livable home.
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Overlooking
how the house will function for your
family. How do you really
live? Do you really need a formal
dining room and living room? Would
you be happier with an eat-in
kitchen and a great room and a den
to use as a home office? The house
only needs to fit one family --
yours.
Not having
the home properly inspected in a
resale. This is not the
time for surprises. Get an
inspection from a qualified,
respected professional.
Not checking out the builder's
reputation on a new home. Talk
to three or four people who live in
the builder's homes and see what
they have to say. If one builder did
all the houses in a neighborhood,
talk to the residents and get their
input. It's also a great way to see
what your neighbors would be like.
Not getting what you want because
you're impatient. This is a big
decision. You need time. Impatient
decisions can lead to mistakes.
Waiting for a better market and
interest rates. Warren Buffett
says the rear view mirror is always
clearer than the windshield.
Not buying at all. If you can
afford a home and you don't make
that purchase, you'll lose the
benefit of tax deductions, building
home equity and the appreciation in
value.
-- Posted: March 15, 2004
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