Baltimore HUD Homes Blog

By learning what you need to know and preparing how to purchase a home ahead of time, you will be less likely to become so enamored with a particular property that you fall into the traps and the pitfalls that are so often the result of IDM, or Irrational Decision Making.

Do not allow your emotions to come before sound and rational reasoning when making the decision to purchase a home.

Lets face it; if you have been out house hunting, you know the feeling you get when you finally think you have found a house you really like.

You are like a kid in a toy store, excited about the possibilities that this dream house could really be yours.

Debt ManagementAnother golden rule is to ensure that you put away 10% of your earnings as savings, and you will see that no debt will be too big to be reduced. Also, when you commit 10% of your earnings as savings regularly…

When you go to see the home, you are herded through it like sheep in a predetermined pattern.

• You are not encouraged to spend as much time as you need in any one place.
• You’re not able to ask as many questions as you would like.
• You’re not asked if you would like to set up another time to come back and go through the house again.

The option to sit down and have a good conversation with the owner is not available to you.

In other words, you are expected to make a decision on the largest single purchase of your life without having many of the facts you really need.

Of course, you are likely to get a home inspection and an appraisal done. But, if you think thats enough to protect you, you have got another thing coming to you.

After over 21 years dealing in real estate and its many players, I am here to tell you it simply is not.

• When it comes down to buying a home, nobody but you is going to be watching out for your best interest.
• You need to get as much information as you can before you buy.
• There is no one who can (or will) be as thorough as you.

Why? Because nobody else has to be as thorough.

Its not their home. They are not going to be living there.

And, whatever issues you end up having, they cant see them from their house!

Ask anyone who has ever purchased a home this one question:

After you purchased your home, were there things that you saw, noticed, or realized about the property that had they been seen, noticed or realized BEFORE making the purchase would have changed the way you proceeded with the home buying process?

Possible changes might have included:

• Offering less for the home,
• Making it a condition of the sale that something be repaired or replaced, or
• Not having gone through with the purchase at all!

Think about that for a moment.

What is the probability that you are going to be able to keep a level head when the real estate agent is telling you that you need to act quickly because there are three other showings after you?

And you “just love” the house…

If you are unprepared, but feeling pressured, how likely is it that you will make an informed decision quickly when you have not even done any homework on the property?

Remember:

• Don’t be pressured into making the mistakes typical home buyers make.
• Take the time to do your homework and get the information you need to make a rational buying decision, then
• Step back, take a deep breathe and really look at what you’re about to buy.

Copyright 2005 Don Berthiaume

Don Berthiaume gives you the questions you need to ask when buying a home. For more details, and for a free 4-part mini-course in home buying, visit this site now: Buying a Home