Top 3 Mistakes to Avoid Before Buying a Home
Joe Gonzalez has been in real estate for over a decade and has helped many people buy and sell homes. Time and again, he’s seen buyers make the same three mistakes. Avoid them, especially the last one.
Mistake #3: Buying a new car before buying a house
A brand-new car payment can quietly wreck your home-buying plans. Lenders look at your debt service ratio, which is how much of your income already goes to monthly payments. A new car loan:
- Lowers the mortgage amount you qualify for
- Can mean you can’t afford the home you were hoping for
- In the worst case, means you can’t qualify at all
Buy the house first. The car can wait.
Mistake #2: Shopping without a mortgage pre-approval
Joe has watched it happen: buyers shop for homes around $650,000, fall in love with one and make an offer, only to have the bank tell them they can only afford $400,000. When they go back and look at homes in their real budget, they’re heartbroken. Some end up not buying anything at all.
Get pre-approved first so you know your real budget before you fall in love.
Mistake #1: Calling the listing agent to buy the house
This is the big one. The listing agent is hired by the seller, and their job is to get the best deal for the seller, not you.
Many buyers think calling the listing agent directly will get them a deal or the inside scoop. It won’t. That agent’s duty is to their seller.
Get your own representation. Have your own REALTOR® show you the home and make your offer for you, so someone is looking out for your best interests.
Bonus: Don’t skip the final walk-through
The team also shares a recent final walk-through that turned up a leak, missing items and things left behind that shouldn’t have been. Because it was caught before closing, it could be dealt with. Always do your walk-through at the right time, as close to closing as possible.
Have questions before you buy?
Ask Joe or anyone on the Right Choice team. We’re happy to help.
Call 289-276-1716 or start your home search.
