No matter the age or life stage, everyone makes mistakes when it comes to home buying. From picking the wrong location to buying more house than you can afford, here are the top mistakes home buyers make at every age.
20's - Getting the Wrong Mortgage
Some young buyers get adjustable - rate mortgages (ARM) because of the low intro rate, thinking they will earn more money in the future, Before getting an ARM, buyers should consider other cost-saving alternatives, such as an FHA loan.
30's - Not Thinking About the Future
It's important to consider whether you plan to start a family in the future when you're home shopping, even if you're currently single. A downtown studio or one-bedroom condo may not serve you well in a few years.
40's-50's - Overestimating Your Budget
Buyers in this age range tend to have more money, which can lead to overestimating their budget and your budget is a critical step for buyers of all buyers.
60's and up - Falling in Love With a Vacation Home
Many homeowners in their 60's are retired or close to it. One mistake retirees make is going on vacation, falling in love with a place, and moving immediately. Relocating and buying a home is an expensive process, so retirees should be sure they familiarize themselves with a new place before buying.
Courtesy of Mike Patel,
First Team Real Estate Christie’s International . www.mikepatel.com
714-470-8600 dre 01146880