In The Market For Your Next Home? Avoid Making These Common Home Buying Mistakes
The excitement of viewing and comparing homes for sale is one of the most enjoyable parts of shopping for a new home. Even veterans of many home purchases enjoy exploring new listings and looking for just the right home to buy. But it can be difficult to maintain the level of vigilance necessary during this process to avoid potential problems that can quickly turn the home ownership dream into an expensive and unpleasant nightmare. If you are currently searching for your next home or plan to do so soon, avoiding these common home buying mistakes is a smart way to help you keep your home ownership dream intact:
Neglecting to get mortgage pre-approval before viewing homes
Rushing out to view homes before getting pre-approved for a mortgage is like not knowing how much money you have in your wallet when purchasing groceries. In addition to the interest and principal, owning a home also includes other ongoing expenses, like taxes, insurance, maintenance, HOA fees, and utilities. Successfully completing the mortgage pre-approval process before you begin to view homes for sale will ensure that you fully understand all the costs involved in purchasing a home and helps to ensure that your final selection will be both comfortable and affordable long after you leave the closing table.
Failing to fully utilize the inspection contingency
Another common mistake home buyers often make is failing to fully utilize the inspection contingency when making a purchase offer. Even homes that are attractive and well-maintained can have unseen flaws or need expensive repairs, such as structural or foundation issues. To avoid purchasing a home that ends up being an uncomfortable money pit, buyers should always make sure that they make their offer contingent on the results of a full home inspection, as well as any other inspections that may apply, such as septic, drilled well, roof, or HVAC inspections.
Opting to purchase a home without professional guidance
When the excitement level is high, it can be easy for prospective home buyers to agree to look at FSBO homes without being accompanied by a real estate professional. Perhaps the buyers believe that they will save money by doing this, but that is rarely the case. Instead, buyers who opt to purchase a home without the guidance of a real estate professional often find themselves trying to negotiate with a difficult seller or dealing with closing or title issues that threaten the entire transaction. Teaming with an experienced professional real estate broker is the best way for buyers to protect their interests and enjoy the most pleasant home purchase and ownership experience.
Contact local real estate brokers for more information and assistance.
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