When hunting for a new home, it’s easy to feel overwhelmed by the various questions surrounding you. How much space do I want? How old are the appliances in this home? How much will I need for a down payment? (You catch the drift.)
You’re probably aware that factors like the economy and housing market also affect the home buying process. But, did you know there are things you do have control over that may be sabotaging your efforts? In today’s blog, we’ll discuss these five unconscious mistakes and how you can avoid them.
Mistake #1: Wingin’ the financials
It’s easy to get swept up in all the photos, amenities and “charming” descriptions. But when it’s crunch time and you need to move, all those preparations you put off resurface as hurdles. Before you begin your search, you should have a pre-approval in hand from a lender and idea of how much you feel comfortable spending.
You and your real estate agent can work together to search for homes within your budget, but keep in mind you don’t necessarily want to spend up to the maximum amount you can borrow. If you’re absolutely in love with the home, you can go slightly above your preferred price if you have extra cash to make a heftier down payment.
Mistake #2: Judging a home by its photographer.
A picture may say a thousand words, but they may not always be reliable. Photos don’t always represent the actual condition of the property or how it feels. Our advice? Don’t judge solely on pictures. If anything stands out to you or peaks your interest, take the leap and schedule a tour. It never hurts to look!
Mistake #3: Disguising your honest opinions.
In many ways, real estate can unearth deeper dynamics of a relationship. Those who dislike confrontation tend to avoid vocalizing disagreement with their partner’s real estate opinions. Over years of ownership, this can snowball into resentment. If you disagree with your spouse or significant other’s priorities or tastes, be sure to voice them (respectfully, of course.)
Mistake #4: Forgetting to read the fine print.
Many homes, single-family residences and townhomes are part of a homeowner association (HOA). When searching for home, you should consider whether you’d like to live in one or not. HOA rules can help protect home values as well as include amenities and maintenance. On the other hand, these rules can also limit what you do with the exterior and you’ll need to factor in HOA dues as a part of your overall budget.
Mistake #5: Forgoing a realtor.
Seeking out the help of a local real estate agent can be a powerful step in the right direction. They’ll know properties and property types that strike a balance between what you and your family are looking for. They’re also able to spot any infeasible needs – like waterfront view on a shoestring budget – saving you time and a lot of headaches down the road.
Another benefit of hiring a real estate agent is their experience. They’re constantly assessing the market and uncovering new creative solutions that meet everyone’s needs.
To learn more about the real estate market or to schedule a tour of one of our homes, we invite you to reach out today at (405) 310-2796.