The home buying process can be complicated, especially when unexpected issues arise. There are five common mistakes that many home buyers make that can be detrimental to their purchase in the end:
1.Not getting pre-approved. Getting pre-approved for financing before making an offer is crucial. In today’s competitive market, it’s better to get pre-approved before you even begin looking at homes so that you know how much home you can afford. First, speak with a local lender. We can put you in touch with some great lenders.
2.Not determining their wants vs. their needs. It’s important for buyers to distinguish what they want in a home versus what they actually need. For example, the buyer may want a four-car garage when in reality they only need a two-car garage.
3.Not utilizing the due diligence period. The due diligence period can last anywhere from two weeks to a month, and it’s important to use this time period to check on your home before the closing. Test all of your major systems, go through everything with a fine-tooth comb, and schedule all of your inspections during this time.
4.Becoming emotionally attached to one specific home. Buyers should be careful not to become too set on one particular home before looking at others. A good agent will ensure that the home that the buyer loves is in good condition and is worth the asking price. A home is often the biggest investment that a person will make in their entire life, so making a decision based on information rather than on personal feelings is critical.
5.Not hiring a good agent to assist them. A good agent will keep buyers informed and share all of the information about the home and the neighborhood with them. Because good agents will coordinate almost every piece of the transaction, they can also help buyers get a better price on the home and represent their best interests during the negotiation process.
Don’t make these mistakes during your next home search. If you have any questions about how to avoid these mistakes or anything else related to real estate in our area, give us a call or send us an email. We’d be happy to help you!