Real Estate

Barbara Corcoran says this is biggest mistake that people make when buying a home

In the whirlwind of excitement that comes with buying a home, it’s easy to overlook critical details that could spell future regret.

Longtime real estate executive and “Shark Tank” star Barbara Corcoran, known for her keen insights, warns against a common oversight that often leads to a homebuyer’s remorse.

“The biggest mistake people make buying a house is that they don’t scope out the property at different times of the day,” Corcoran told GOBankingRates. “It’s the only way to catch the loud garbage truck that idles outside at 6 a.m., the party house across the street or the dog next door who barks all afternoon. Always go back for another look.”

Barbara Corcoran gives prospective homeowners one valuable piece of advice when it comes to purchasing a home.
Barbara Corcoran reveals the worst mistake a homeowner can do when deciding to buy a home: not scoping out the property at different times of the day. Disney

It makes sense, given the typical motion when it comes to eyeing a home, bidding and securing a contract — the process is known to be both rushed and stressful.

Corcoran, appearing on Forbes’ “Women & Wealth” series, has previously highlighted other red flags that could hinder a property’s investment potential.

One such warning is for those contemplating a move within a couple of years.

“It always pays to buy a house if you’re going to be somewhere for more than two years,” Corcoran said.

“If you’re going to be in and out — you’re working at home, you’re going to take a temporary job — it never, never pays because closing costs outweigh any benefit you get from appreciation. So your rule of thumb is generally at least two years in the market before you [sell].”

Financial prudence is another cornerstone of Corcoran’s advice.

Corcoran recommends buying a house if you plan on staying somewhere for at least two years. Christopher Sadowski

She stresses the importance of realistically assessing one’s financial capability before plunging into homeownership.

“If you’re deciding whether or not to buy, it all comes down to one thing — can you afford the mortgage payment,” Corcoran asserted to Forbes.

“Can you afford the monthly cost? If you can afford the payment, you’re buying the house; if you can’t afford it, you have to wait.”