Avoiding Common Homebuyer Mistakes
Are you, or someone you know, looking to buy a home soon?
If you want to avoid some common first time homebuyer mistakes, read on!
Mistake No. 1: Not getting a preapproved home loan.
Purchasing a home is like going on a cruise: you must get a ticket first. Most homebuyers start their search online to get an idea of the town and styles of home that they like. If you don’t know what you can afford, you may be looking way out of your price range and wasting your time. You may also be looking below what you would have qualified for and not getting the right home for you.
If you start off by getting a pre-approval, you can sort by price, identify the right neighborhoods, and finding the right home that much faster. With a preapproval, there is a much higher acceptance rate from a seller when compared with the competition of offers that may come from a buyer who is not preapproved.
Having a preapproval makes the homebuying process much less stressful overall. Typically, those that are preapproved spend less time searching for the right home, and are more confident during the search because they know exactly what they qualify for.
Mistake No. 2: Falling in love with the house.
Buying a home is an incredibly emotional experience for many people, much more so that other financial investments. We’re choosing the place that we’ll call “home,” which stirs feelings of comfort and security, and in some way, should touch your emotional core.
With those emotions stirred, it’s sometimes tough to separate them from the reality of the checkbook. In addition, no home is perfect, and when you instantly fall in love with a home, it may cloud your judgment from features that you need, to something that you want.
From the time you see a house online, visit the house for the first time, put in an offer, complete inspections, obtain funding, and finally close, there are plenty of things that could go wrong and cause the deal to fall apart.
The best bet is to stay as practical about the purchase as possible. Sure, fall in love with the house, but do so after you pay for it, or it could end up costing you a bundle.
Mistake No. 3: Skipping the home inspection.
To “save” money, many will choose to waive home inspections, when doing so could cost you big time down the road. Often, the cost of the repairs can be negotiated with the seller as either repairing before closing, or a credit at closing for the buyer to complete the repair.
Problems found before you buy can be fixed before you move into your new home, meaning you won’t have to deal with the dust and noise from repair, or the inconvenience of having to stay home while workers are in your house.
While there may be minor repairs that a homeowner will want to complete after moving in, you will want a professional to take care of any significant repairs right away. Minor defects can be repaired before they result in serious consequences or costly damage.
It will also matter at resale when it comes time for you to sell the house, as that buyer will most likely have a home inspection completed. Hiring a professional home inspector can pay for itself many times over -0 both monetarily and with peace of mind. Know what you’re in for. The best way to avoid nightmares later is waking up now.
Keep these common home buying mistakes in mind as you get ready to start the home search. Avoiding these common pitfalls will make the process that much more enjoyable.
Melissa Rolland is a real estate salesperson and realtor. She lives in Tolland with her husband, Todd, an associate broker and realtor. Together, they manage the Rolland Realty Group at Keller Williams Realty. You can connect with them at www.RollandRealtyGroup.com or 866-408-8059.