Whether you are a first-time homebuyer or you’ve been through the home-buying process before, people make mistakes when buying and selling homes. Some are inevitable yet valuable learning experiences. Still, there are a few common mistakes homebuyers make that can be avoided.
Waiting to start the pre-approval process
I understand buying a home is thrilling, but don’t dive in without taking the proper steps. To avoid a common mistake homebuyers make, don’t wait to start the pre-approval process. There are many benefits to getting pre-approved, but your main takeaway is knowing how much you can spend on a home. I’ve witnessed unfortunate situations where a young couple is excited about a house, only to find out they cannot afford it. So take the time to apply for approval – it’s worth it.
Omitting the home inspection
This common mistake homebuyers make can be quite the gamble. I know this was a common approach the past couple of years, but we are also transitioning from a rare housing market situation. I do not recommend skipping the home inspection, even if you are in a bidding war. A home inspection will identify immediate repairs that need attention, and you can negotiate these repairs with the seller. Without a home inspection, you could purchase a home with hidden issues and spend more money than you initially budgeted.
Not saving extra money
Buying a house is more than just the listing price – you must budget for additional factors such as closing costs, moving costs, unexpected repairs, homeowners associations, and more. Don’t let the biggest mistake homebuyers make affect you as well. Budget for a home appropriately, and be aware of other associated costs.
Deciding not to work with a realtor
Real estate agents will make the home-buying process much easier, especially if you are a first-time homebuyer. No, it isn’t impossible to buy or sell a house without a real estate agent, but it is challenging. There are many reasons to hire a real estate agent – from knowledge and resources to negotiation experience and expertise. In addition, a realtor will take the stress and guesswork out of buying or selling a home.
Thinking about buying a new home this year? I can help you avoid these common mistakes homebuyers make, regardless of your experience with the housing market. I’ve worked in the real estate industry for many years, and my experience will only help make the process smooth and efficient so you can find the perfect home. Call my cell phone at 717-253-3259 or visit my website at www.karentavenner.com.