Buying a Home? Avoid These Costly Mistakes
While buying a new house may sound exciting and easy, the reality is quite different. Having so many options to choose from, picking one house that fits your budget and needs is a dilemma you’re most likely to face. Often times, the place you want your dream home located at, may be experiencing a housing bubble. This could contribute to making the buying process all the more difficult for you.
We understand that buying a home is probably your biggest investment and we value your money. To help you avoid making mistakes that might cost you in the long run and to make your home shopping a hurdle-free process, we’ve compiled a list of things not to do while buying a house.
Finding your home yourself. Finding your own home is like trying to diagnose yourself with an illness. It’s always better to hire a professional realtor to represent your best interests as a buyer.
Your realtor has access to a history of comparable properties and a list of ‘sold’ prices of homes in the neighborhood you are interested in. Your realtor might even know properties that aren't even on the market yet. Remember the listing agent has the best interests of his seller, so hire your own to represent you.
Always looking for a better deal. Market fluctuations are a perennial part of real estate transactions. Even in the best of markets, we cannot predict what will happen tomorrow. You have to be smart and have your realtor do the homework, regarding the value of the area, and the home you are buying. Be sure it meets your family’s needs. First-time buyers often have to compromise on something because their funds are limited.
It helps if you don't have an unrealistic wish list. In addition, don't be so inflexible that you end up continuing to rent for significantly longer than you really want to.
Lowballing instead of negotiating realistically. All home buyers want the lowest possible price, but there's a big difference between firm negotiating and lowballing. Lowball offers run the risk of rejection, lengthening the process and annoying the sellers, therefore losing the property.
Let your realtor do the homework on the comparables so you can make an educated offer price.
Not getting pre-approved. If you want your offer to be taken seriously by the seller, get proof of income and assists in the form of a pre-approval letter from your lender. Why be disappointed later when you don't qualify for the property that you made an offer on? Being prepared is a very important part in a purchase!
Not getting a home inspection. This is especially important if you are a first-time homeowner, as having knowledge of what you are getting into is the key. A home inspection report will address any issues or repairs that need to be looked at immediately or down the road. This is important for a new homeowner do as this will allow you to plan to budget for any repairs needed.
Lacking vision. Don't let physical imperfections turn you away. Even if you can't afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a home you can afford in the location that is ideal for you and your family.
To rule out these and other mistakes when buying a home, reach out to the experts Sam Valentini & Paula Carrascalao. We bring our expertise in building background, home renovations, engineering field, public relations and strong negotiating skills to the best use of our clients. We have forty-seven years of combined experience that helps us in giving our clients the best service. If you have any queries regarding buying or selling your home, we’d love to hear from you. Get in touch with us here.