As a Wilmington homebuyer, you may get excited when you find a home that has many, if not all, the features you are looking for and it’s within your price range. Excitement is an understandable response; just don’t let your emotions take control. Many mistakes buyers make once they’ve found their “perfect” Wilmington area home can be avoided by following this advice. Ten of the most common mistakes Wilmington buyers make include:

1. Not finding out how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income. Remember to research if you qualify for any special mortgage or down payment-assistance programs. Read the How Much I Can Afford article.

2. Not developing a wish list of what you’d like your home to have. Then prioritize the features on your list. Go to Needs and Wants.

3. Not insisting on a final walk-through before closing.

4. Not determining if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.

5. Not getting your credit in order. Obtain a copy of your credit report.

6. Not thinking “resale value.” Because you probably won’t live in this house for life, you need to think about it’s resale appeal or resale value in a few years. A low price isn’t a good by if you can’t sell it when you need to.

7. Not getting pre-approved for a loan through a lender. Need to get pre-qualified?

8. Not hiring an Accredited Buyers Representative (ABR). If you are a prospective Wilmington homebuyer, you may want to consider enlisting the help of an ABR (or “buyer’s agent”) to help guide you through what could be the most complicated transaction of your life. Until very recently, real estate agents almost always represented the seller, not the buyer, in a real estate transaction. By law, the agent was required to get the best price and terms for the seller. However, with the introduction of buyer agency, this has all changed. An ABR works for your best interests. Contact me…I will help! If you are still not sure of your advantages to having a trusted buyers representative, be sure to read the article on Working With Barb-Your Accredited Buyers Representative.

9. Not calculating the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10. Neglecting to have the home professionally inspected. Have your home inspected by a professional prior to signing the contract. Contact me for a complete list of trusted professional Home Inspectors.

Be sure to read the article Making an Offer!