Purchasing a home is one of life’s major decisions. It is a worthwhile investment towards your future. Whether you are a first-timer or experienced homebuyer, you will experience many challenges in your search for a suitable residence. If you are not careful, you might end up making crucial home buying mistakes.
In order to help you get your dream property, here are the 5 most common mistakes you need to avoid:
Overestimating what you can afford
Many homebuyers, especially first-timers tend to overestimate what they can afford. This is because they focus only on the mortgage and down payment. Apart from monthly mortgage and down payment, you need to factor additional expenses, including insurance, taxes and maintenance fees.
It is better to assess your budget. Once you know the amount you can actually afford, proceed with the purchase. In case you need financing, get a pre-approved mortgage loan as soon as possible. This gives you an idea of how much you can afford for a home.
Limiting your search
While it is understandable to have your eyes set on a certain home, do not limit your options. This is the worst mistake you can make.
Make sure to check out as many homes as you can that meet your budget. Factor in essential details, such as commute to work or school for your kids when choosing your best option. Compare all these factors in order to choose the home that suits your needs.
Not making compromises
Having preferences for a home is understandable, but avoid being too picky. At some point, you will have to make some compromises, especially if you have limited funds. Have a vision, but don’t let your emotions get the best of you.
Skipping home inspections
Never buy a home without thoroughly inspecting it. Even if you are buying a brand new property, you should go over there to inspect it.
A home inspection can help you identify the strengths and weaknesses of a property. It is better to inspect a home at least twice before finalizing the deal.
Check both its interior and exterior. Inspect the neighborhood, garage, bedrooms, bathrooms and kitchen. Remember to inspect minor details, such as pipes, plumbing and more.
Home inspection is fundamental because there is no turning back for you once a deal is made. Thereafter, you will be financially responsible for any maintenance issues that might occur.
Not hiring a real estate agent
Buying a home is a stressful and unpredictable undertaking. There is no doubt that you can do it alone. But this process requires specialized expertise that only real estate experts have.
A realtor acts as a liaison between a seller and a buyer. He or she has the skills, know-how and contacts to get you the right property at the right price. Moreover, they handle all aspects of home buying, ranging from property listings to the compilation of documentation.
If you are interested in buying a home in East Valley of Phoenix, AZ, click here.