Buying a home should be an exciting experience. That excitement, however, brings with it many challenges and obstacles – especially for first-time homebuyers.
Whether you plan to purchase your first home or your fifth home there are several common homebuyer mistakes that cost money, time and sometimes, missing out on your dream home.
Check out these 10 mistakes homebuyers make when purchasing a home:
- Choosing The Wrong Realtor: There are many real estate agents to choose from, so finding the right one can be difficult. What’s important is that you sign with a real estate professional you can trust to work tirelessly and in your best interest when helping you find the perfect home. The agent you choose should be there for you as they help you through the home buying process — before, during and after the sale.
- Not Getting Pre-Qualified: Many first-time homebuyers are so excited to begin house hunting that they opt not to get pre-qualified. This can ruin the chances of a seller accepting your offer as you will be seen as not ready to buy. Because of this, be sure you talk with a bank or mortgage professional so you have everything in order when it comes time to make an offer on your dream home.
- Not Getting A Cost Estimate: Similar to not getting pre-qualified, not receiving a cost estimate can warrant unwanted surprise fees at closing time. You’ll want to get an estimate for how much closing costs will be early in the process, as well as if there are any homeowner’s association fees or insurance you’ll need.
- Limiting Your Search: You could be missing out on many options if you limit your search to house hunting websites. That’s why it’s important to connect with an experienced real estate professional to help keep you up-to-date on the most recent listings that fit your requirements. In some cases, a good agent may be aware of homes that have not even hit the market.
- Focusing On One Perfect Home: Everyone has their ideal perfect home, but that doesn’t mean you should put all your efforts and dreams on hold if you find a home you want. It’s always good to have a backup. Talk with your real estate agent and be sure to get a competitive market analysis so you can see other homes that are similar.
- Not Considering Long-Term Needs: House hunting is the perfect time to begin considering what sort of future you’d like to have. Are you planning to get married? Hoping to start a family? Working from home in your very own office? It’s crucial to not only consider how the home fits your current needs, but how it will play a role in three, five or even 10 years. This could alter anything in your search from the location to land availability to the number of bedrooms you’ll need.
- Not Researching the Community: Purchasing a home is more than buying a house, it’s investing in the surrounding community as well. That’s why it’s important to research everything from nearby schools to neighborhoods to nearby businesses. This information will solidify your confidence in a property or maybe cause you to stop looking at a particular house. First create a list of priorities when it comes to schools, neighborhoods and anything else that plays a factor in your purchase.
- Skipping The Home Inspection: Purchasing a home costs a great deal of money, so it’s only natural to want to save where you can. However, when it comes to the health and safety of your home – and family – it’s never a good idea to forgo a home inspection. Talk with your real estate agent and they can direct you to a qualified home inspector who will catch any hidden issues that were overlooked during the showing.
- Overlooking Insurance Issues: Make sure you take the time to research your home insurance options. This will protect your home from any costly damage. Consult with your real estate agent to get connected with an insurance company that can help.
- Skipping The Protection Plan: While it may cost more up front, investing in a home protection plan will provide additional coverage during the first year in your new home. Talk with your real estate agent to learn more about your options.
For more information about buying a home from TimVan Stensel, please contact Tim here or call him directly at 616.520.1859.
