Common Mistakes to Avoid when Buying a Home
1. Not Visiting Enough Properties or Neighborhoods
One mistake you should never make is purchasing a house on a whim. It’s perfectly logical to go through at least 10-15 properties before settling on the best house to buy! The good thing about checking out multiple properties and areas is that it gives you better insight about different types of homes, the neighborhood you want to settle in, and what amenities best fit your lifestyle. Of course, if you fall in love with one of the first homes you see, don’t lose out on it because you are worried you are making a decision too quick. If it’s your dream house…go for it!
2. Working with a Rookie Real Estate Agent Because they are a Friend or Relative
This is not the time to help out your cousin who just obtained their real estate license last year. When you realize that the house you buy will be one of the most important assets of your life, you know that you should work with only the best real estate agent you can find! Finding an experienced real estate professional might take some more research, but with a little bit of patience you’ll figure out who the best agent is for the job. A knowledgeable, experienced agent can save you a lot of headaches throughout the process, and take a lot of the stress off of you.
3. Not getting Pre-Approved (or understanding what the costs will be!)
Before you consider buying a house, you need to verify what your price range is, and also learn about the costs involved in buying a home. This way, you’ll be able to tailor your search towards houses that are within your budget instead of wasting time viewing properties you can’t afford. Also, never underestimate the closing costs, which can be 2-4 percent of the home price. There are also home-ownership costs after you buy your home – such as maintenance fees and property taxes.
4. Not Giving yourself Enough Time
Because the buying process is time consuming, the time interval between when you start looking and when you get the keys for your new home can be as long as five or six months. Give yourself time to find the right property! Also remember that it usually takes 30-45 days after putting in an offer for you to close in on a property.
5. Choosing the Wrong Property
Buying a house should never be based solely on emotions. You need to purchase a property type which can serve your needs for at least the next few years. This decision is yours, as you are the only one who knows the right property type that would serve your needs properly. Practicality should be the bedrock of your decision making when buying a house.
Ultimately, it’s up to you to choose what type of house would best serve you over the years to come. If you choose to be a careful buyer, you will belong to the class of satisfied buyers who have bought the best property in their price-range for their needs. In other words, you will be a happy homeowner!