Searching for a new home can be exciting; however, it is important to be aware of the common mistakes that potential buyers make during their search. From a lack of research to rushing through the purchasing process, these errors can lead to problems later on and could cost you money. Here are six common home-buying mistakes to avoid.
Common Home-Buying Mistakes: Waiving the Inspection
One of the biggest mistakes you can make when buying a house is to skip the home inspection. Even if you have looked over the property yourself and feel everything looks okay, a professional inspector will be able to identify issues that are not easily visible. This could save you thousands of dollars in repair costs down the line. Some sellers are motivated to move quickly and may even encourage you to skip the inspection to close the deal. Doing so could be a costly mistake if major issues exist with the home. It is always best to get a thorough inspection.
Making Too Low of an Offer
When making an offer on a home, it’s important to understand the local market and know what homes are selling for. If you make too low of an offer, the seller will likely be insulted and refuse to accept it. That gives other buyers an opportunity to buy the house. Check to make sure your offer is reasonable, or work with a real estate agent to decide what’s fair.
Neglecting to Factor in Closing Costs is a Common Home-Buying Mistake
When budgeting for a home, remember closing costs can add up quickly. This includes charges such as appraisals and credit reports, which need to be paid before the sale is finalized. Many buyers forget about these additional fees when determining their budget, so set aside money to cover them.
Common Home-Buying Mistakes: Failing to Research Your Agent
If you don’t take the time to research your real estate agent, you may end up with someone who is inexperienced or unprofessional. It’s important to find out how long they’ve been in business and learn about their reputation. Pay attention to how well they communicate with you and if their responses are timely.
Rushing Through the Process
Buying a house is exciting; however, it can be tempting to rush to get the keys as quickly as possible. But if you don’t take your time and go through all of the paperwork, you could end up making costly mistakes. Carefully read through the contract and ask questions if something doesn’t make sense before signing.
Not Being Prepared to Make an Offer
When you find a house that you’re interested in, be ready to act quickly and make an offer. Working with a lender will help you understand what loan amount you are eligible for so you know exactly how much to offer. This will also increase the chances of your offer being accepted, as sellers prefer buyers who have been pre-approved.
By being aware of these common home-buying mistakes and taking steps to avoid them, you can make your home-buying experience a positive one. Researching and planning ahead will help ensure you find a great property at the right price.
Jamie Schaefer, Professional Home Inspector, serves The Villages, Florida, and the surrounding cities and towns in Central Florida and the New York Metropolitan Area. Contact us to request our services.