Whether it’s your first time or you’ve gone through the purchasing process before, buying a home is exciting – and a major accomplishment. That said, like any big purchase, buying a home requires a lot of thought and careful planning.
If you’re not careful, heading to the market unprepared could lead to stress, setbacks, and even long-term challenges.
As real estate professionals, we know the buying process inside and out. In this blog post, we’ll pass our knowledge on to you to help you enjoy a smooth and successful home purchase.
Here are five mistakes to avoid when buying a home.
1. Not Knowing What You Can Afford
It’s safe to say that a home is not exactly an everyday purchase. As one of the largest assets you will own, buying real estate is a big investment. Therefore, you’ll need to be well aware of your budget and financial resources before you head to the market. If you start house hunting without a clear understanding of what you can afford you could end up disappointed when the time comes to secure financing.
Start by taking stock of your savings, income, investments and any relevant debts you may hold. These details will be influential in what type of mortgage you qualify for. On that note, it’s also a good idea to optimize your credit score.
Gearing up to buy a home? Check out these other posts from our blog.
- How Long Should You Plan Ahead Before Buying a Home?
- The Costs of Moving & How to Make it More Budget Friendly
- Can You Buy a Home Without an Agent?
2. Not Getting a Mortgage Pre-Approval
An often overlooked part of the buying process is seeking mortgage pre-approval. While not mandatory, getting pre-approved before house hunting can help you make more informed decisions.
During the pre-approval process, a lender reviews your personal financial details including everything we’ve mentioned above and more. With this information, they’ll then offer you a conditional amount that they’re willing to lend you toward a home.
Not only will a pre-approval help you have a better idea of your budget, but it can also give you a leg up when the time comes to place an offer as sellers are more likely to work with a buyer who already has their financials sorted out.
3. Going to the Market Solo
If you’re looking to buy a home you’ll want to have a professional real estate agent by your side. Not only can an agent help you find a home that fits your needs and budget, but they’ll also help you keep your head above water as you navigate the process.
A house is not your typical purchase. There are lots of moving parts, variables, legal factors, personal considerations, and other things that all add to the complexity of your home purchase. Luckily, a great agent can take care of complicated parts for you – allowing you to relax and enjoy the buying process.
Need to get your home-buying budget in order? Explore these blog posts for helpful advice.
- How to Improve Your Credit Score Before Buying a Home
- What is the Mortgage Stress Test and What Does it Mean for Me?
- Should You Get Pre-Approved Before House Hunting?
4. Not Thinking About the Future
When buying a home, it’s easy to focus on your current needs and overlook potential future changes. Some buyers make the mistake of purchasing a property that meets their immediate needs but fails to accommodate personal growth and how those needs may evolve.
As you search for a home, think carefully about your long-term plans and how your lifestyle might change down the line. While it’s impossible to predict every aspect of the future, planning for potential changes can help you make a more informed decision when buying – saving you from the hassle of having to move again in a few short years.
5. Skipping the Inspection
When you find a great home and finally place an offer it’s without a doubt exciting. However, it’s important to keep yourself informed and protected while making such a major purchase. Therefore, you should always opt for a professional home inspection as part of your buying conditions. If you don’t you could be in for unpleasant surprises down the line.
A professional home inspection can uncover potential problems that may not be visible during a casual showing. Even if a house looks great on the surface, there could be hidden hazards like structural issues or electrical and plumbing concerns. An inspection provides you with a comprehensive assessment of the property’s condition. If it reveals significant issues, you can potentially negotiate repairs with the seller or re-approach your offer.
Searching for an exceptional, full-service home purchase? Look no further than Bosley Real Estate. Get in touch to find out how our expert agents can help you accomplish your goals.
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