So you have searched high and low, scoured the area for prospects, walked through countless homes, and you think you’ve FINALLY found the one. Now what? Buying a home can be incredibly overwhelming. It’s no small task, after-all. Here are just a few common home-buying mistakes to consider before signing on the dotted line:
Ignoring the Property Inspection. Inspections serve a very important purpose. They’re not just red
tape designed to put money in someone’s pocket. A proper inspection will do one of three things; Ease your (and your lender’s) mind knowing that the home is in good shape, provide leverage for re-negotiations (due to some minor faults which need mending), or prevent you from walking into a huge mistake (i.e. a money pit). Pay close attention to inspection details.
Poor Budgeting. Have you ever used one of those mortgage calculators that shows you “how much you can afford”? Just because some data-base somewhere says you have enough income to mortgage a $500,000.00 property doesn’t mean you SHOULD mortgage $500,000.00. There are so many factors to consider when working up your home buying budget. The first step is finding what your CURRENT budget is. Is it comfortable? Can you afford to increase your expenditures? Would you rather DECREASE your expenditures? Don’t forget to consider things like utilities that may go up with the purchase of a larger square foot home.
This isn’t simply for resale value, either. Where is your home in proximity to work? The grocery store? Establishments you like to frequent? What are your hobbies and interests? Is the home’s location conducive to those things? (i.e. hiking trails, movie theatres, etc.) Do you have children attending school? How close is the home to their school? You might LOVE a home’s design and features but those things may never be able to make up for a poor location.
These are just a few mistakes home buyers can make. There are tons of factors to consider when buying a home. A great way to maneuver the process without falling prey to some of these pitfalls is to hire a realtor. A good realtor has the experience and knowledge necessary to guide you through buying a home and coming out unscathed.