Buying a home is one of the biggest events in your life. You are ready to get out there and state your claim on a piece of property that is all your own. The emotions and confusion that come with such an enormous purchase are enough to cause even an experienced home buyer to make mistakes. Oversights in the home buying process can lead to huge financial repercussions. Save yourself time and money in the future by avoiding these top 5 home buying mistakes.
Bad Real Estate Agents
Using a bad real estate agent will lead you to home buying disaster. You want a professional who is attentive to your needs and responsive with offers. When you meet your real estate agent, be sure to ask questions pertaining to communication methods, such as how you will be keeping in touch throughout the process. Consider the attitude and experience of your agent, and switch if you feel either are inadequate.
Do not start shopping before you are pre-approved for a mortgage. Falling in love with a home only to discover that you cannot get approved for your offer amount is a very unpleasant experience. Most good real estate agents will not even bring a new client to a showing without a pre-approval letter.
Hitting the Max Budget
Be conservative with your budget by shooting for an amount that is below what you have been approved for through your lender. Many buyers max out their mortgage amount and find that they cannot afford the extra bills, taxes and fees that come with owning a home. Give yourself room to be flexible with your financial responsibility by shopping on the low end of your budget.
Not Having a Home Inspection
Some home buyers decide to skip having a home inspection to cut time and costs, but not having the house inspected by a professional can lead to huge financial setbacks. A beautiful home may have structural issues on the inside, like faulty wiring or poor plumbing, which can make the home unsafe to habitat. Once you purchase a property, these kinds of repairs will become a burden on your wallet. Having a home inspection will help give you the peace of mind that the home you are buying is sound.
Getting too attached to a single property can be an issue. Attachment can affect your ability to effectively negotiate. Also, having your heart set on a home that you do not end up getting is a huge let down and can lead to a decline in your home buying morale. You may have to place offers on several different homes before one is accepted.
Home buyers often make mistakes that lead them to financial setbacks and lost dreams. Avoiding these common missteps will ensure you make the right choice about which property you purchase, becoming a successful homeowner in the end.