If you are looking to buy a home, you know it can be an overwhelming process—especially if it is your first home. It is a lengthy process and has a lot of moving parts. Hopefully, you have found yourself a reputable mortgage lender and real estate broker to work with and guide you through this tedious adventure. If you haven’t reached that step yet, take a look at some of these common homebuying mistakes you should avoid.
NOT GETTING PREAPPROVED
If you are out looking at houses before you have been preapproved for a mortgage, be ready to miss out on those homes. It is currently a seller’s market and homes are moving fast. Mortgage lenders have their hands full right now and it can take longer than usual to get your preapproval letters ready. Some real estate agents will not even show houses if you don’t have your preapproval ready.
GETTING DISTRACTED BY UPGRADES
Flipping houses is a big business right now and has been profitable for many people. Unfortunately, some of these homes have a lot of surface upgrades, but not much is done for the important things. The new paint and shiny appliances can sometimes distract potential buyers from the items that truly need upgrades. Look at the condition of big-ticket items like the roof, the HVAC system, the plumbing, any water damage, and the septic system.
GOING TOO LOW
Since this is a seller’s market, homes are going quickly and most are going for asking price or more. Your real estate agent should be able to guide you in making a smart and enticing offer. If it is a home you really love, don’t lowball your offers.
WAITING TOO LONG
Some potential buyers, especially when they first start looking, will hold off making an offer on a home they really love because they want to look at other homes first. Unfortunately, if you wait too long during this market, that home will most likely have been scooped up while you were touring other homes.
NARROW PARAMETERS
You should definitely love the house you buy, but one mistake some people make is refusing to keep an open mind. Widen your parameters for the homes you want to tour you never know you may be surprised at what you find, and even fall in love with!
SKIPPING AN INSPECTION
This is a big no-no when it comes to buying a home. While everything can look just fine on the surface, you may be shocked to learn what a professional home inspector finds. There may be damage or need upgrades that you are just not prepared or willing to deal with.
GOING OVER BUDGET
This is a hard one because it is very easy to be tempted into a home that costs more than you can comfortably afford. Be firm with your real estate agent that you do not want to see homes outside of your budget. Even if you can make the monthly mortgage payments, you need to be prepared for rising property taxes and home maintenance that can be surprisingly costly.
We hope these tips will be helpful to you as you get ready to buy a home this summer or fall. When you are ready to move, be sure to give ZIPPY SHELL a call for a free quote. We are ready to help you with all your storage and moving needs!