Misunderstandings in the home buying process

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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.