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10
Biggest Home-Buying Mistakes
By
Pat Curry Bankrate.com
David Weekley, CEO
of Houston-based David Weekley Homes, is one of the country's
largest home builders and also the author of a new book,
"How to Buy a Home Without Getting
Hammered."
Based on 30 years
of home-building experience for 40,000 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?
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.
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.
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