If You Had To Read One More Article About Common Mistakes To Avoid When Buying A Home – Well, This Would Be The One.
Buying a home is a complicated process that involves many steps. Fortunately, there are many ways for you to save time and money. By following a few simple home-buying steps outlined in this article, you can minimize the stress load and avoid any costly mistakes to ensure a smooth home buying experience.
Mistake #1 – Deciding to forgo using a realtor or real estate agent.
Now I know that might sound a bit bias, but consider the fact that Realtors often protect home buyers from being taken advantage by requiring full and complete disclosure. Plus, buyers can rest assure that they will have access to the most up-to-date information concerning the home and the surrounding neighborhood.
Mistake #2 – Searching for a home that’s out of your price range.
It’s easy to set a price range that you believe you can afford and start looking at homes right away. However, this approach often leads to heartache and frustration. Imagine finding the perfect home, only to learn that you’re unable to secure financing. You can avoid this let down by getting preapproved for a mortgage before starting your home search. This will ensure that you don’t begin your search by looking at homes that are a bit outside of your financial capabilities.
Mistake #3 – Overspending on a home.
There are many factors that influence how much you can spend on a home. Just because you’re approved for a loan of a certain amount, doesn’t mean you should begin your search at the top of the budget or comfort zone. You also should calculate closing costs, relocation costs, insurance costs, and all your other related-expenses before you put down an offer. These costs are significant and often overlooked, but it’s important that you consider all the costs you’ll end up paying when you buy a home.
Mistake #4 – Not getting a home inspection.
A home inspection isn’t required, so some home buyers think they’ll be okay without one. Unfortunately, without getting a home inspection before buying a home, there’s no leverage to negotiate the problems that ultimately will arise with your home. Even newer homes might have problems that you need to address. Get a home inspection and take note of any immediate or future problems, so that the home seller can address issues before you move in.
Mistake #5 – Not working with a realtor (Oops, did I already say that?)
Well, allow me to reiterate that point, so there is no confusion here. If you’re buying or selling a home, you should always work with a realtor. The right realtor will negotiate on your behalf, explain disclosures and inspection reports, guide you on selecting the right home for your family, and help you out whenever you have questions about the home buying process. In addition to receiving these benefits, the seller pays the realtor fee, so you don’t have to worry about the expense of using a real estate professional. Now, how’s that for a peace of mind?!
Although there’s an infinite number of mistakes that home buyers can make during the buying process, these four (Yes, despite my reluctance, I have to count mistakes #1 and #5 as one) are some of the most significant.
Start your search by speaking with a competent and knowledgeable real estate agent that can help you take the necessary precautions to avoid wasting time and/or incurring unexpected expenses when buying a home. If you have any questions or just plain curious about the buying process in Durant, OK, we would be glad to help – give us a call or send us an email today.