Avoid these 6 Common Mistakes Buyers Make
When searching for a home, you may imagine a show-stopping movie moment where you walk into the perfect place and know you have found THE ONE. You must have this house and every hope and dream that comes with it. Perhaps it has the wrap-around porch you always wanted or a window seat overlooking the sunrise. Maybe you can imagine yourself in the open kitchen with a giant window that pours in natural light. What is it going to take to get this house?
One mistake you might make as a buyer is falling in love with a house before you know the nitty-gritty details. Maybe you see everything you’ve always wanted, but there are further details in a home essential to making a sound investment. Take your emotions out of the process to ensure you don’t make a home purchase you may regret.
Let’s look at crucial mistakes buyers make while searching for homes.
6 Mistakes Made by Homebuyers
We continue to see a very competitive buyer’s market for real estate. Therefore, it is essential to have a home-buying strategy that will give you an advantage over others looking to buy right now. So what common mistakes that buyers make that you’ll want to avoid?
Buying More House Than You Can Afford: When you get pre-approved for a loan, you know the top of your budget. It is easy to reach that threshold in this market with bidding wars and a low inventory of homes. Before going all-in and buying a home at the top of your loan approval, consider other bills that will come up with homeownership. Be sure to reserve money for insurance, repairs, and home furnishings. Even if you secure the house you’ve always wanted, it won’t make sense unless you can enjoy living in it.
Searching Before Pre-Approval: It is common for buyers to start looking for homes based on their own calculations of what they can afford. Consequently, you may assume you can buy more house than you ultimately receive approval for with this headstart. You will set yourself up for a major let-down when you’ve seen so many homes out of your price range, and you have to take a step down. Before starting your search, get pre-approved for an accurate estimate of houses you can buy.
Investing in Out-of-Town Real Estate Without Listening to Locals: If you are investing in real estate out of town, always listen to the local real estate professionals. Even if you have researched an area, they will know the inside scoop that is vital to your investment.
Disregarding Resale Value: Picture this, you’ve found the cottage on the lake that you’ve always wanted. You love the greens, purples, and bold blues of the décor. And the toilet in the coat closet only adds charm to the place. You don’t plan ever to move again, so why not invest? Not so fast. When looking at homes, you should always prepare for the unexpected and consider resale.
Skipping the Inspection: You may be tempted to skip the inspection fee. The house looks in pretty good condition from your perspective, right? Do not skip the inspection! Leave it to the professionals to evaluate the condition of your prospective home.
Waiting Until the Market Is in Your Favor: Potential homebuyers may wait to buy a home until prices fall. This is a huge mistake as you may be waiting forever. Don't wait to invest in your future.
When you partner with an experienced real estate company, they will not let you make mistakes that will cost you in the long run. Instead, seek advice from a local real estate professional who will say it like it is. The last thing you want is a professional that tells you only what you want to hear. If you invest in a new home, you want to minimize mistakes and have a smooth home-buying experience.
For more tips, check out these related blog posts:
Rental Property Investments: How Much Profit Should Be Expected Each Month?
How to Choose the Right Home-Buying Budget
Questions about real estate?
Do you have questions about your region's real estate market or market changes? We are standing by to help and answer any questions that you have. If you are unsure if it is the right time to sell or buy, you can seek help from experts who know the market. Our advisors will advise you on the right move for your situation. If you are on a time crunch, you can seek counsel on how to best navigate the sale of your home during a buyer’s or seller’s market.
At Blondin Real Estate, we are always here to help; contact us!