7 Mistakes to Avoid When Buying a Home
Are you in the market to buy a new home? Buying a house is an activity that most people will only undergo a few times over the course of their lives, which means it is easy to make rookie mistakes. These mistakes can end up costing you money and time. Here are the top seven mistakes you should avoid.
1. Not Getting Pre-Approved
Many people begin looking at homes only to find out that their price range is far different from what they expected. Going through the pre-approval process will ensure that you begin your home search with the correct expectations and don’t waste any time.
2. Failing to Set a Firm and Realistic Budget
Buying a home is expensive; the closing price is just the beginning. Your budget should include mortage, insurance, and taxes as well as periodic expenses such as major repairs. There will also be costs associated with closing the deal, such as moving expenses, appraisal fees, escrow fees, and more. Find out what other people in your area have paid for these expenses so there are no unpleasant surprises.
3. Letting Emotions Have Too Much Weight
Getting too attached to a home keeps you from making rational decisions. Approach each home with as little emotion as possible, focusing on how the house meets your needs and whether it is in your budget rather than whether you are in love with the garden or the view.
4. Setting Expectations Too High
Many people have trouble finding a home because their expectations are too high. It is generally good to have high expectations, but they should be reasonable as well. Don’t get caught up in small and easily fixed issues such as paint color. You will likely change many minor things about any home that you buy so these are not good reasons to reject an otherwise suitable property.
5. Choosing Aesthetics Over Function
Home sellers will try to woo you over with aesthetics. They will spruce up the curb, paint in a flattering color, and generally make sure their home pleases your senses. It is important to like the way a home looks, but this should not be the first consideration. Make sure your future home is in good repair and meets your major needs before you worry about superficial things.
6. Buying in the Wrong Neighborhood
Location is the most important aspect of any home. Are values in the area on an upswing or stagnating? Are the school districts good? Consider neighborhood just as important as the quality of the roof; in the long run it will affect your home value more than any other factor.
7. Doing It Yourself
Buying real estate is a complicated process. Don’t try to do this alone. Get an experienced realtor on your side so you can find the home of your dreams in a price range within your budget.