Not Setting Realistic Goals

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It is very easy to get carried away with what you think you want.  It is understandable.  We are constantly shown pictures of fancy homes, new home communities, Home-a-ramas, etc. 

However, it is most important to remain in touch with reality.  Most people end up owning several homes over their lifetime.  Sometimes a particular home is currently out of reach for buyers at a particular time. 

It is important to understand that the home you purchase probably isn’t the last home that you will ever own.  It is better to buy wisely and within your means than to be “house poor” as the saying goes. 

Once you are comfortable with financing options and have a good understanding of what you are willing to pay, and have a good idea in mind with respect to features and options that you would at least like as a minimum, your next step is to see if these are in line with one another. 

Do this by checking out homes for sale. This can be done very easily on the Internet. Go to www.realtor.com for a comprehensive database of listed property.

Also check out www.trulia.com or other for-sale-by-owner web sites in your area. “Google” - “for sale by owner”, your city, your state. This should bring up some national but also local for sale by owner property web sites.

Do the homes in your price range appear to have the features and options that you want?  If not, then you may need to reconsider your home buying decision.  You may need to wait for another year to build up more money for a larger down payment or to pay off some more debt so that you can afford a larger monthly payment, or adjust your features list and consider a home “less ideal”.

Save yourself a lot of time, effort, and heartache.  Make sure that your needs are in line with your financial abilities.  Be realistic, you will feel much better about your home buying adventure.

Next; Not Becoming Familiar With the Market For Homes in the Area Being Considered