Four Mistakes Home Buyers Make

Buying a home is part of the American dream - and for millions of Americans, that dream becomes a reality every year. Unfortunately, for every dream that comes true there are those that silently fade out. Home buyers, especially those buying their first house, can make a lot of mistakes in the process if they aren't careful or don't have a good resource (such as a knowledgeable friend) to go to for advice.

We all would like to think the realtor is going to steer us straight, or that our mortgage company would warn us if something doesn't seems right - but he fact of the matter is they are both there to make money off you and so they usually don't have a vested interest in steering you clear of anything. With that said, let's take a look at four of the most common mistakes home buyers make.

First, they buy a home they simply cannot afford or do not need. Have you heard the term McMansions being used? It refers to all the huge houses that seem to pop up everywhere nowadays. Just how many square feet does a family need? All too often new homeowners, and even seasoned veterans, can fall into the trap of buying way more house than they will ever need. Most real estate agents want to push the most expensive property they can on you because, guess what, they earn a commission based on how much you spend! Our advice? Go home shopping with some of the smartest people out there - your parents! They have been through this before and can be a great source of information that is coming from a (hopefully) unbiased source.

Second, home buyers fail to lock in their interest rates when buying a home. Interest rates change on an almost daily basis it seems. Some home buyers like to "test the waters" and see how long they can go before locking in a rate - it works sometimes, but it can bite you if the interest rates suddenly jump. Shop around for the best deal on a mortgage, and when you find one you want ask them to pre-lock the interest rate in. They can usually do this for a period of 7-14 days - which doesn't give you much time, but hopefully you will already know which house you want to pursue and can start the paperwork soon afterwards.

Third, a lot of new home buyers don't understand the complicated mortgage process and all the terms and rules of the loan. You are getting ready to sign off on one the biggest purchases you will probably ever make - do you realize what you are signing? Have an attorney, or family friend who is into real estate, go over the mortgage paperwork with you. Ask lots of questions of your mortgage lender about the loan. Don't be afraid to shop around and check different lenders out to see who can give you the best deal.

Most importantly, realize that you are signing a long-term commitment with serious financial complications if you don't hold up your end of the bargain! Finally, many homeowners both old and new don't truly understand all the insurance options available to them.

How many of you reading this believe that your house is covered if a torrential rainfall hits and you get flooded? Unless you've purchases Federal flood insurance then you are out of luck - our homeowners insurance doesn't cover floods! You shopped around for a mortgage, but did you shop around for homeowners insurance?

Do you understand your policy limits and deductible? Are you covered for a place to stay if a fire strikes your house? All these questions should be asked of your insurance agent before you buy a house. Make sure that you are covered for the unknown before you set foot in your new house. Buying a new home can be a fun, exhilarating process. Nothing in the world can quite beat the feeling of owning your own home. Take a few minutes to understand the responsibilities of owning a home and you will be better prepared to have your own piece of the American dream.



Posted by Donace Dillon on March 12, 2011 at 08:50 AM

About Donace Dillon
Real Estate Broker, Licensed in TN and GA since 1997. Serving East Tennessee and North Georgia. A member of NAR, TAR, GCAR, RCAR.



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Local Information for Chattanooga, TN

Latitude: 35.045473 -- Longitude: -85.267255


ZIP Codes for Chattanooga, Tennessee 37401  37402  37403  37404  37405  37406  37407  37408  37409  37410  37411  37412  37414  37415  37416  37419  37421  37422  37424  37450 
Area Code for Chattanooga, Tennessee 423
Time zone for Chattanooga, Tennessee EST



Other Area Cities:   Ooltewah, TN  Soddy-Daisy, TN  Chattanooga, TN  Signal Mountain, TN  East Ridge, TN  Red Bank, TN  Harrison, TN  Middle Valley Estates, TN  Hixson, TN  Collegedale, TN 

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Chattanooga is the fourth-largest city in Tennessee and the seat of Hamilton County. It is the state's second oldest major city behind Knoxville. It is located in southeast Tennessee on Nickajack Lake. Chattanooga is the corporate headquarters and home of Olan Mills, Rock Creek Outfitters, Double Cola, Krystal, CBL & Associates, Chattem, Covenant Transport, U.S. Xpress, Inc, National Model Railroad Association, UnumProvident, and Miller Industries, the largest tow truck manufacturer in the world. The University of Tennessee at Chattanooga, which is also known locally as UTC, is the second largest campus of the University of Tennessee System.Chattanooga is the home to the Hunter Museum of Art. Chattanooga is home to the Chattanooga Symphony & Opera which is currently lead by Musical Director & Conductor Robert Bernhardt and holds its performances at the Tivoli Theatre.Chattanooga has traditionally marketed its tourist attractions very aggressively, including the Tennessee Aquarium. -- Source: Wikipedia.com




Tennessee 2000 Census Population Profile Map

Chattanooga Tennessee United States
Population 155,554 5,689,283 281,421,906
Median age 36.8 35.9 35.3
Median age for Male 34.5 34.5 34
Median age for Female 39 37.2 36.5
Households 65,499 2,232,905 105,480,101
Household population 149,728 5,541,337 273,643,273
Average household size 2.29 2.48 2.59
Families 39,650 1,547,835 71,787,347
Average family size 2.92 2.99 3.14
Housing units 72,108 2,439,443 115,904,641
Occupied units 65,499 2,232,905 105,480,101
Vacant units 6,609 206,538 10,424,540

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Donace Dillon - Bridge City Realty LLC
Donace Dillon
Bridge City Realty LLC


1301 Market St. Ste. 102
Chattanooga, TN 37405

VOICE: 423-645-1597

FAX: 423-648-7521

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