Buying a house is a life-changing event, so you have to be careful to dodge mistakes that could cause setbacks in the home-buying process.
In the beginning, you have to make sure not to hire the wrong agent. Just because someone might be a niece, nephew, friend, friend of a friend, or have any other connection with you, that doesn’t mean that person will work best for you. If you want the home-buying process to flow smoothly, you want to make sure your agent is communicative and dedicated to their work. Hiring an agent just because you may have a pre-established association with them doesn’t mean they’re the right agent to use, and a mistake like this can derail the process shortly after it begins. You shouldn’t feel obligated to work with someone just because you know them. The home-buying process is a fun, but serious task, and you want to have the most qualified professional on your side to guide you through it.
Although looking at houses is the most fun part of the process, you can’t jump into it right away. First, you have to figure out how much the bank will loan you for a mortgage and get pre-approved. If you visit some properties prior to your pre-approval, you may be disappointed to find out they are out of your price range. I understand you’re excited about house hunting, but getting pre-approved for a mortgage is an important task to accomplish before you start visiting houses. Plus, having a pre-approval is a sign of determination that will show sellers you are taking the process seriously, which will help you stand out from other potential buyers.
Similar to when you’re buying a car, never settle with the first “perfect” house you see, no matter how much you like it. If you do this, you’ll likely miss out on other possible houses that might have met your needs and interests. It’s recommended you keep an open mind about the several housing choices you have, instead of lunging at the first house that fits your criteria. I know the home-buying process isn’t something you want to prolong, and ending the process might be tempting if you find your dream house right away, but quickly attaching yourself to a house will likely do more harm than good, so visit a few houses before making your choice. You’ll feel a lot better having done so, and it’s always best to have multiple options.
Speaking of wanting to speed up the buying process, buyers might sometimes choose to skip the home inspection in order to make their offer more appealing to the seller, which the sellers will like if they’re trying to hide any problems. Foregoing the inspection is something you should not do. A home inspection is very important when it comes to buying a house because the inspector will go through the property to make sure everything is in working order. If you skip this step and it turns out the house needs repairs, you’ll have to spend money to fix these problems, on top of having already bought a house for hundreds of thousands of dollars. Please forgive the cliche, but this is a sort of don’t-judge-a-book-by-its-cover situation because, although you are drawn to the house based on the details that are more apparent, you need a professional to find if there’s something you would have normally missed in your walkthrough.
The real estate market is an unpredictable beast, and no matter how favorable it may look one day, you can never tell how it’s going to present itself the following day. Even if it looks like you’ll be paying a great deal on a house, you might feel compelled to wait and see if the price drops. While you may like playing the odds, waiting for a price reduction may result in hurting your chances on buying your preferred house, or even losing it to another buyer. The housing market is constantly changing, so leaving the possibility of a good price now for a better price later isn’t the wisest choice to make when dealing with something as big as a housing purchase, especially if there’s a chance of someone else swooping in and taking the house you wanted.
When you buy a house, one of the last things you’ll probably think about is selling it at some point down the road. However, considering this actually makes a big difference. When you look at a house, you have to think about the possibility of selling it later on in your life. After all, it’s better to be safe than sorry. You never know, you may need a bigger house to raise a family, maybe you’ll have to move because of a job transfer, or you may find yourself wanting to downsize. In life, anything can happen, and it’s this reason why you should think about the resale value of a house before you purchase it.
As a homebuyer, you want to find a house that’s as close to your liking as possible. While the prospect of searching for a new house is fun, you can’t let that excitement make you forget the important steps you have to take in order to prevent any mistakes from being made. There’s a lot of time that goes into the home-buying process, and diligence is key. If you work hard to evade any blunders that may get in the way of your search for a new house, your commitment to the process will be very worthwhile.
Come back next week when we discuss the mistakes to avoid when selling a house!