It’s very common for first time home buyers to make mistakes during the home buying process. Mistakes can add unnecessary stress to the challenges you will already be facing. Planning ahead can save you time, energy and money. Plus, it will make the process much more enjoyable!
Here are 7 common mistakes to avoid when purchasing a home:
1. Thinking you can do everything on your own.
A real estate agent’s role isn’t just finding you properties to see. It’s more about presenting your offer to the sellers in a way to help it get accepted & stick through the closing process.
Even after going under contract on a house, you have to make it through an inspection & appraisal before you close on the property. An agent will help you navigate these obstacles.
If any issues are discovered during the home inspection, for instance, an agent will be able to tell you if requests for a repair are reasonable. If a home is in good condition, a small repair could make or break a deal!
Say the appraisal comes back lower than the price agreed upon in the original contract, an agent will help you negotiate a price reduction. It’s important to have someone with experience protecting your best interests when purchasing a home.
2. Thinking it’s too early to start.
It can take months to find the right home & even after an offer is accepted, it can be another 30-45 days to close on the property. It’s never too early to start talking to your agent!
3. Expecting to get the price down after making an offer.
Always make offers you are comfortable with in the beginning. Although it’s possible a home inspection or appraisal may allow you to request repairs or a slight price reduction, you should never go under contract on a home expecting that to happen.
It’s also important to note that you should never overspend on a home. Although you might qualify for a million dollar house, that doesn’t mean you can actually afford it.
Set your budget at the very beginning & stick to it. Remember to calculate for costs such as property taxes, insurance & utilities.
4. Chasing deals at all costs.
Today’s market has conditioned home buyers to think there’s always a better deal around the corner, but that’s not always the case.
While it’s possible a bigger, less expensive home might come on the market the day after you move-in, it’s even more heart wrenching when clients regret passing on the perfect home, because they’re too busy chasing deals.
Don’t pass on a good opportunity, because you’re too focused on finding a better deal. Make sure you’re purchasing a home that fits your needs.
5. Not thinking like a seller.
Keep in mind that you’ll eventually want to sell your home. It’s very unlikely you’ll live in your first home forever. Look for features that will help you resell.
6. Skipping the home inspection.
Home inspections aren’t required, but if you skip an inspection, you’re financially responsible for any issues that may arise after the closing.
An inspection may reveal things like structural issues, faulty wiring or other problems below the surface that may not be visible when you walk through the home.
A home is probably the largest purchase you’ll make in your lifetime, make sure you’re getting what you think you’re getting!
7. Limiting your search.
You may have a certain neighborhood in mind, but if you keep your search too limited, you may miss out on the perfect home not too far away.
By avoiding these common mistakes, your home buying process will be much more enjoyable. If you have any questions or would like help searching for a home, we’d love to hear from you.