#4: Do Your Research.
The fourth common mistake that most home buyers make is forgetting to do their research. Although most home buyers hire a home inspector to evaluate the home, they often overlook external factors in the neighborhood that effect the use of the property, resale value, and the home owners’ quality of life.
Here are a few things to consider:
- crime statistics
- school ratings
- residential, commercial, & industrial developments
- road construction & developments
- utility projects (electric, gas, sewer)
- traffic noise
- home owners’ association restrictions & convenants
- economic conditions (employment opportunities, solvency of local police/fire/administration)
If you’re familiar with the neighborhood, you may already know quite a bit about these factors, but it doesn’t hurt to do a little more research to make sure that you haven’t missed anything.
And it’s important to understand that your real estate agent is not legally able to complete this research for you. He/she can recommend resources for more information, but it’s your responsibility to research the factors that concern you.
If you discover anything that makes you uncomfortable during your inspection period – regarding the condition of the home or any external factors – you have the right to terminate the contract.
Hopefully, your research provides you with peace of mind that you’re making the right decision.
Just make sure that your research is thorough.