4 Mistakes Homebuyers Make
What to Avoid
The more you interact with real estate, the more you realize that buying properties isn’t as simple as it seems. It’s a combination of many complicated processes, complete with confusing terminologies, complex logistics, and jacked up prices—it’s incredibly easy to make a wrong move that will lead you to unwise investment.
If you’re a first-time homebuyer, do yourself a favor—avoid the buyer’s remorse and learn about the common pitfalls of house purchasing. Here are four of the most common mistakes homebuyers make:
1 - Not getting pre-approved before shopping
It will be incredibly tempting to scour the marketplace for the most gorgeous homes for sale, but the last thing you want to happen is to fall in love with a home you can’t afford! To prevent this from happening, the simple solution is to get a pre-approved plan for a mortgage.
Before house hunting, it’s best to know what you can and can’t afford, so that you know what the monthly payments will look like. Banks will usually pre-approve higher amounts for you, but remember not to overextend yourself. It’s important to remain firm and rooted in your budget, as with getting pre-approved. It serves as the precedent to the rest of your plans.
2 - Being unable to see a house past its facade
This issue is two-pronged, both of which are problematic. You found a beautiful house, for instance, made and updated with beautiful fixtures, finishes, and exquisite decors. It’s eye candy, in real estate terms, and you get drawn in too much that you forget about the important details—location, yard, or the debilitating fact that it’s situated on a busy road. This also happens the opposite way: plenty of homebuyers overlook a home that needs some work. They’re quick to dismiss mismatched paint and outdated fixtures, ignoring the fact that it has a sturdy foundation and a good location.
As you shop for your new home, keep in mind that cosmetic details can be quickly remedied. Location and integrity, however, are impossible to fix.
3 - Approaching house hunting as an emotional decision rather than a business one
While it’s incredibly important to find a house you would want to feel comfortable in, falling in love with a house to the point of emotional investment is a mistake. If you find yourself falling head over heels for a property that you’re willing to do anything, you will end up paying more than you should.
This will eventually lead to buyer’s remorse, and over time you’ll realize you didn’t get the best deal possible. The buying process is emotional enough as it is, so you must have someone by your side to keep you in check. It’s a serious, life-long commitment after all—you’ll need all the facts, information, and logic to make a well-informed decision!
4 - Being unable to see added and hidden costs
Although the mainstream media may make it seem like it is, buying a house is never simple. There are plenty of factors that come into play, and not just moving from rent payments to mortgages. You need to take home insurance into account, as well as closing costs, property taxes, and homeowner’s association fees, on top of your monthly expenses.
While most of these may already be on your mind, you need to remain aware of all hidden and added costs, such as maintenance costs. Before closing the deal, count numbers and see if renovations will make the house overbudget. It’s important to become aware of these because sometimes, the working projects may end up costing you more than it should.
Conclusion
Buying a home is an exciting new chapter of your life, one that involves huge changes and a great investment. It’s only right that you plan out things accordingly, making sure that you’re arriving at well-informed choices. Keep these common mistakes in mind and skip out on buyer’s remorse when searching for homes for sale!
If you’re searching for homes for sale in Genesee County, our team at Smith Street Homes today will gladly assist you. We’ll help you build, design, or look for the best possible home for you—reach out to us today!