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Misunderstandings in the home buying process

Misunderstandings in the home buying process

 
October 19, 2011


Home buyers can avoid falling prey to common mistakes that could interfere with their ability to find the right home by finding a real estate agent to help guide them through the process.

While undeniably important to the process of purchasing a home, monetary considerations alone do not determine what home is the best, or a smart purchase.  Getting a great deal may sound excellent, but if the home is not one in which the residents are happy then it was not a great deal regardless of the price. Real estate agents can be helpful due to their ability to provide a more objective viewpoint, since they are not going to live in the home in question.

Focusing on price

One common perception, according to MSN Real Estate, is that buying a home in the suburbs means better prices than in cities. While this can be true in some cases, there are factors sometimes overlooked. For example, life in the suburbs generally means having a car, paying for gas, and a different lifestyle in terms of the convenience of reaching entertainment, restaurants and recreational destinations.

Imperfect properties

Investopedia notes home buyers often become discouraged if a home requires minor repairs or remodeling to be what they want. Many homes require a small amount of work, especially as years go by and they age. This does not necessarily mean they are in poor condition over all, or that they are not suitable. In many cases, a minor investment of time into a home, once purchased, can be much more convenient than spending months looking for the "perfect" home.

Some new homeowners or prospective home buyers will worry about the cost of even minor repairs or aesthetic adjustments. However, when hiring a contractor they may ensure projects do not run over-budget by including a clause that allows repairs to be revoked if the contract becomes too expensive, or similar measures. 

Buyers should understand these possibilities so they know they are free to look for the home they want, not spend the whole time calculating costs. 
 

About Coldwell Banker®

Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of approximately 83,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
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