Nobody likes to make a mistake yet by learning from others we can avoid these mistakes, especially when it comes to buying a house. If this is your first time buying a house or it's just been a while, you might be doing a little bit of research on the best way to buy a house and how to avoid some mistakes. This is that type of article. Here are the top five homebuyer mistakes and how to avoid them
#1. Trying to do it by yourself.
Of course, I'm going to say this I'm a real estate agent, but hear me out. Did you know it's absolutely free to use a buyers agent when purchasing a property? The agent gets paid from the commission on the sale, not from the buyer directly, so why wouldn't you use an agent to help you facilitate a transaction? The agent can answer questions, help you decipher are some of the confusing legal jargon on the purchase and sale contracts, and help you make an informed decision throughout the process.
#2. Not getting pre-approved before looking at homes.
There's nothing more discouraging than finding a home you love only to discover you can't afford it because you didn't do your financial homework ahead of time. Talking finances can get tricky but it's something that your agent and your lender must do to find you the right house and one you can afford. It's important to sit down with a lender and give them all of your financial information first including income, assets, liabilities, and debts. The mortgage officer or lender will tell you exactly how much home you can afford and then you can keep your search within that dollar amount.
#3. Ruining your credit before you finalize.
Once you are pre-approved for a home loan don't make any major financial changes such as job changes, applying for credit or credit cards, or making any large purchases. Any major change your finances could affect your interest rate or even your chances of getting a home loan. Put everything on hold until after you close.
#4. Not looking past the house.
I'm not talking about necessarily the backyard but look beyond the house itself to the neighborhood, the commute, school district, close proximity to some of your favorite shops and restaurants and even the traffic on the road in front. Will this fit your lifestyle for several years?
#5. Getting emotional.
It can be very easy to get emotional when buying a home. You get excited about the property and if anything happens it can be a huge letdown but it's important to consider this a business transaction. If the home has people living in it it can be difficult to look past the livable environment to the house itself. Try to see yourself in the home, in the yard, and in the neighborhood and if the price fits your budget. Is the home staged beautifully? The homeowners could be hiding something serious about the house. Never neglect to the home inspection so that you understand everything about your home and if there are any major problems or hazards.
By keeping these five things in mind you can seek out the right home for your needs and your budget. Start your online search here for free or contact our office to schedule a showing.