Top 9 Mistakes That Could Lead to Buyer Regret

1. Love at First Sight : Buying the first property you fall in love with can be your worst mistake, especially if you find out that there is something better at a more affordable price.  It is best to check out several properties, compare its best features, before you narrow down your choices.  What can be the best property in your list today, can be the last in your list by next week.
2. Trust your Instinct :  Usually, your home is one of your most expensive purchase.  For something that can cost you a lifetime of mortgage payments, it pays to trust more than your instinct.  In fact, I would recommend that you set your emotions straight.  The less emotional you are about the buying process, the more likely you can come up with better buying decisions.
3. Be in a Hurry to Buy :  You are not in a race to buy, especially at today’s market where there is a lot less competition.  Some people are grabbing the first house that they can afford to buy or even the first house that they like, even if it’s way above their budget.  In the end, some may realize that they are not happy with the house they bought.  Meanwhile, others learned that they really cannot afford to pay for their home and end up in a losing battle to keep it from being foreclosed.
4. Buy the Cheapest House you can Afford:  A cheap house doesn’t always mean that it’s a good buy.  There might be a good reason why it is selling for such a low price; such as termite infestation, major repairs or bad neighbors.  It is best to investigate further.  Ask your Realtor.  Check the house several times including the neighborhood.  Most of all, have the property professionally inspected.  Remember, if it’s too good to be true, then it must be.
5. Over Extend your Borrowing Capacity :  Now more than ever, you should learn that it is best to always have a reserve money when buying a property.  Foreclosure numbers continue to go up.  You don’t want to be part of another foreclosure statistics.  Have a budget and make sure you check out your financial readiness to buy.
6. Trust Everything to your Realtor : Most Realtors work by commission.  Although, some have real passion about their job, some can be driven by how much they can earn.  You should make your own decisions.  Have your own set of criteria that clearly indicates what you need in a house and what you want in a house.  It is important that you prioritize your needs first before your wants.  Otherwise, you might end up buying a house that would suit the life style of your Realtor but not yours.
7. Join the Bandwagon : Learn to be an informed borrower and buyer. Don’t rely on others to make a decision for you.  Take a look at those who bought during the peak of the property prices.  Most of them are suffering from having a larger mortgage than the actual value of their house.  To add, most home buyers have different financial positions, what is applicable to one borrower can put another one in a much worse scenario.
8. Don’t Plan Ahead :  Most home owners don’t buy and sell that often in their lifetime.  Thus, it is important to plan ahead.  Don’t buy a studio even if it is the only thing you can afford to buy now, if you’re planning to have kids in the next year or two.  There are costs involved in buying and selling a house. Buying the home itself could eat up a huge part of your savings, the other costs involved could further put a dent in your finances.  Don’t forget that selling comes with a cost as well.  The Realtor’s commission alone can cost a small fortune already.  To add, in a down or stagnant market, you might not be able to recover all your buying and selling costs.  So plan ahead, don’t make any costly mistakes that could cast a shadow in your future plans.
9. Buy in an Unfamiliar Market : Relocating to a new neighborhood can be very exciting.  It can signify new opportunities but it can also mean wrong choices.  It is best to familiarize yourself in the area where you are planning to buy.  Is it a safe neighborhood?  How close is it to the nearest community facilities such as schools, hospitals, public transport and anything else that is in your priority list.   Does the area suit your family’s lifestyle?  Moreover, check the on-going market price and recently sold prices of homes in the area.  It will give you a good indication on how much to offer for the house you intend to buy.  You don’t want to pay a premium price for a sub-standard location.

I hope you find these tips useful.  Your home is your castle.  Don’t let anyone or anything influence you to come up with the wrong decisions. Don’t let any of these top nine mistakes cause you any buyer regret!