Sam Chandan

speaker

50 appearances 1 recordings 1 series first heard Apr 2023 last heard Apr 2023

Sam Chandan’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Avoid the Most Common Mistakes Made by Homebuyers · 21 Apr 2023 podcast

this is a long-term financial commitment that they're taking on ideally buyers will have already explored their different options in terms of the availability and cost of financing and an important part of that includes mortgage pre-approval fully understanding what kind of mortgage they can carry but also evaluating when assessing okay how much can i bid it's not just your mortgage payment

There are all sorts of other costs associated with being a homeowner.

There are the insurance costs.

Upfront, there are moving costs.

There's the costs of inevitably having to replace a roof or making another significant capital investment in your home.

For most American households, this will be the largest single investment that they ever make.

And that really underscores why it is that in this environment in particular, we need to be very, very careful in decisions about where and when we're going to buy a home.

For a lot of households, the errors that we see are really being driven by two things.

On one hand, it's a high stakes decision and it's being made in an environment of considerable pressure.

You combine that with a general lack of experience.

For the first time homebuyer, this is the first time that they're entering this market.

But even for a repeat buyer, this may only be the first time in 10 years or 15 years that they're navigating homebuying.

So it's not an environment in which we have a tremendous amount of experience.

You combine these two things, the high stakes of buying a home, the lack of experience, and what you ultimately see is that homebuyers do a very good job of evaluating the current situation, the current home buying opportunity.

How can I make this work?

But we very often will ignore the alternatives that are available to us.

One of the significant mistakes that we see homebuyers is not getting an inspection report.

It's exceptionally important to get that inspection done and to very carefully evaluate whether or not issues that arise as part of that inspection are things that they want to take on.

Whether it be a roof, whether it be an abandoned oil tank on some properties, whether it be issues with the furnace, whether it be mold, it's critically important that when that inspection report does come back, that the prospective home buyer does carefully evaluate what do all of these issues mean for my upfront and lifetime costs of homeownership and are they really within budget.

And it is a place where we see homebuyers that really do fall in love with a home sometimes making a misstep.

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