Every homeowner aspires to find a dream home within their available budget. But unfortunately, many people exhibit certain behavior and actions that prevent them from achieving their dream home.
So, while buying a home is a long and emotional process, you need to act rationally, balancing your feelings and finances altogether to avoid falling prey to common pitfalls.
If you’re planning to buy a new home, here are some common mistakes to avoid.
Mistake # 01: Being Unrealistic
The worst thing that can happen if you don’t assess your financial condition realistically is falling in love with a home you can’t afford. If you need a mortgage, explore different loan options and calculate an estimate of your monthly payments.
You’ll also want to get pre-approved for a loan to show you are a strong prospective buyer.
Mistake # 02: Deciding to Buy a Property Without Professional Realtor’s Help
When buying a new home, the most common mistake homeowners make is going solo, from listing to negotiating to closing a deal. Don’t do it!
While much information is available on the web, you’ll want to hire a professional Realtor who can show you the best properties at the best prices. Since they’re more knowledgeable about the market and experienced, they can help make the entire buying process fast and simple.
Mistake # 03: Hiding Information from Your Real Estate Specialist
Potential buyers may hide information from their real estate agent due to the following reasons:
- They lack confidence in their advisor
- They believe they’re more knowledgeable
- They think they can’t trust real estate professionals with their confidential documents
Realtors have a fiduciary duty to their clients. It’s their job to guide you, considering client’s interests. So, be open and talk to them about everything to prevent problems in the future.
Mistake # 04: Don’t Consider Family Needs
Often people finalize a home without properly considering the needs of their family. This can be a big problem if the home itself or the area isn’t a good fit for their lifestyle.
Get clear on your needs and priorities before entering into a contract to purchase.
Mistake # 05: Not Keeping Track of Showings
While most people can remember one or two positive points about a home they liked, it isn’t enough to proceed with an offer.
Keep a record of all the homes you’ve visited and takes notes about what you and didn’t like. Or you can also take photographs of anything you want to remember. This will help you keep track of the homes you’re seeing.
Mistake # 06: Failing to Consider Future Property Taxes and Resale Value
You might have assessed a home’s current taxes, but did you consider how they might rise in the future? When buying a new home, it’s an important consideration because taxes are likely to fluctuate, given the property condition and demand for homes in the area.
Whether you want to live in your new home forever or temporarily, considering its resale value is crucial. You don’t want to end up making a bad investment and losing money on the sale.
Mistake # 07: Taking Too Long to Make an Offer
While it’s advisable to assess your potential home carefully, it’s equally important to take not too long to make an offer. Especially in today’s market, waiting too long can result in other people buying your dream home.
Mistake # 08: Making Bad Offers
Many potential buyers believe that sellers will sell their homes in any circumstance, so they lead with low-ball or unrealistic offers. This is wrong and can cause you to lose out on the home you really want.
If you’re seriously interested in a home, start by making reasonable offers. You can further negotiate with the seller with your Realtor’s help.
Mistake # 09: Ignoring Your Realtor’s Advice
Some buyers actually ignore their Realtor’s advice. Sometimes, it’s because they think they know better. Sometimes, it’s because they’re operating with misinformation. Whatever the case, it’s important that a buyer hire someone they can trust. Realtors have a fiduciary duty to protect their clients and look out for their best interests. You help them do that when you listen and trust their suggestions.
Mistake # 10: Focusing Too Much on Aesthetics
You shouldn’t give up on a house that needs a little bit of updating or exterior painting. If it has the perfect yard and ideal location, the rest can be fixed. Remember, your real estate agent can help advise you on and weigh out these decisions.
Mistake # 11: Forgetting the Home Inspection
About 37% of homeowners fail to get their homes independently inspected. This can lead to multiple problems. Unless you are a licensed building inspector, hire an independent professional inspector to determine potential issues in your soon-to-be-home.
Mistake # 12: Hiring the Wrong Professionals
Not all real estate agents are created equal. Take the time to do your research, read online reviews, talk to their clients, and investigate their sales record before hiring a Realtor. Ask questions and make sure you feel comfortable with the agent’s communication style.
If you’re interested in buying a property in Dallas, one of the best cities in the US, reach out to the Realtors at Dallas Contemporary Homes.
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