Avoid These Home Buyer Mistakes

First time home buyers make these mistakes: 1) Waiting for a housing market crash or house prices to cool down. Given the current housing shortage and low mortgage interest rates, the house prices may continue to increase. It is also difficult to time the market for a crash. Instead, one should think long term and try to calculate the break-even point for buying vs renting. If you can afford to buy a house and wish to stay at one place long term, it might be a good idea to buy a house now.

2) Giving too much value to cosmetics. It is much more important to pay attention to structure, maintenance, etc. For example, energy saving measures.

3) Making an offer simply x% above the list price. Instead of simply following the trend of overbidding, it is important to determine market value of a house.

4) Not mentioning all conditions and contingencies in the offer. Don’t forget to mention house inspection and financial contingencies.

5) Not shopping for a mortgage lender. Instead of simply going to a big, well-known bank for mortgage, it is important to compare all mortgage lenders for example on Consumentenbond or Independer website.

Some other mistakes are: not checking how much mortgage you can get (prequalification), not shopping for a real estate agent, not researching about the neighborhood, underestimating costs of home ownership, not saving an emergency fund.

// What to watch next:

🎬 Buy house or wait

🎬 How to find market value of a house

🎬 How to get the best interest mortgage

🎬 How to choose the best mortgage

🎬 How to buy a home

Useful links:
Compare mortgage lenders:

Disclaimer: this video is for entertainment and informational purposes only. It is not a financial advice.

[thearcticfox]

Informative! Can you please share the home ownership costs in detail?

[whoareu]

Hey, thanks for the great video. I wanted to ask for a little more advice (already sent an IG message previously hahah). I am aware that I should not be overbidding and I’ve been sticking to that rule ever since. I check the apartment value on huispedia and sometimes also on other websites. I usually bid what I can also pay I the end, which is also in the range of how much the apartment is worth. However since everyone is overbidding, I barely have a chance. For example I found a small apartment for 230k and I bid around 245k but I find out via email that the apartment sold for 285k, which is Ridiculously high :( so do you have any advice on what I should do in these situations? Everyone is overbidding and so competitive and I a even went above my budget already, but still no chance of getting closer to buying an apartment :( thank you