Are you in the market for a new house?
The search for a new home is an intense process. It can be both fun and nerve-wracking as it changes your paradigm and your thought process. Because of this, it can also cause you to fall into a blunder when looking for a new house to move to.
During the house-hunting process, people tend to commit these common mistakes. Today, we will look at these house-hunting mistakes and show you ways how you can avoid them.
- 1 1. Not Knowing What You Want
- 2 2. Not Getting Finances in Order
- 3 3. Being Too Picky with Your Home Criteria
- 4 4. Not Including Moving Expenses and Closing Costs in the Budget
- 5 5. Not Checking and Researching Your Real Estate Agent
- 6 6. Not Looking at the Neighborhood
- 7 7. Not Giving a Thorough Look at the Home
- 8 Avoid These House-Hunting Mistakes
1. Not Knowing What You Want
As a part of your house-hunting strategy, you need to know what you exactly want. It’s best to have a checklist instead of relying on memory.
Rather, consider having it in an organized and visible manner. List down the details on what you want down to the last pointer.
Consider preparing a wish list before scouting for a property on the market. This helps you speed up the search. If you haven’t figured out what you want at the moment, take your time to organize your thoughts on this.
Make sure to narrow down and have your wish list ready. By then, you would be able to check out home tours with an idea of what to choose.
2. Not Getting Finances in Order
One of the house-hunting mistakes that people commit is this. Sort out your finances first before attending open houses. Your finances will dictate whether you would be able to buy the house or not.
First, make sure that you have the budget to buy the house. One aspect to note is that you have to afford at least 20% of the down payment. This can help you secure a lot of factors.
With it, you can get the best loan for the new house purchase. This also gives you the best chance at the bid, and you can avoid paying the private mortgage insurance. For the mortgage, aim for 20% to ensure that you can save money in the long run.
You must also ensure to get pre-approved for your mortgage. This helps with getting buyers to see that you’re serious about buying the house. It has its requirements that you have to look into, so make sure to have them prepared to speed up the process.
3. Being Too Picky with Your Home Criteria
Having a wish list is one thing, yet being flexible with your wish list is another. It helps when you have your considerations on what to get for your new home. List major elements of a home that you wish to have and set aside minor details and preferences.
In such cases, it can help your case when you are also open to the options available. Keeping your options open can help you land a home easier and faster. There may be a few minor changes from your original plan, but it would fit the criteria that you want for your home.
4. Not Including Moving Expenses and Closing Costs in the Budget
When setting up your budget, you also need to factor in the closing costs and moving expenses. This is a trap that people tend to fall for. Homeowners often find themselves tripped up when they realize their budget did not have these portions in mind.
Your moving expenses should be part of your plans. This includes the budget allocated for using moving trucks and moving services. This helps when your new home is in a different state, pushing you to make a cross-country trip.
The surprising part would be in closing costs. The realtor fees are usually on the side of the seller. The ones you might want to pay attention to pertain to the ones related to your mortgage, title insurance, and so on.
5. Not Checking and Researching Your Real Estate Agent
This is one thing that you should have a choice in picking. Go for a real estate agent that is the best fit for you in both personality and experience. This way, you can be sure that you can get your dream home without problems.
Take a look at how they operate and function, such as which deals they specialize in and what they usually work on. What you want is someone comfortable with your specifications. This can include homes within your area and price range.
You also want your agent to advise you about your specifications and calls. They can offer you counsel on the best course of action to take.
Buying a house at auction may come off as a different type of ballpark. For this, an experienced real estate agent can help you out with getting the home of your dreams.
6. Not Looking at the Neighborhood
During the open house tours, you also need to research the area around that prospect home. The last thing that you want is to be in a beautiful home with nightmarish neighbors.
Pay attention to the neighbors for any red flags. This can range from poorly maintained homes to unsafe areas. Keep an eye on these factors before you push for the purchase.
7. Not Giving a Thorough Look at the Home
When going on a home tour, be as meticulous as possible. Do not speed through the tour. Instead, spot any features that you like or any red flags that would make this home a no-go.
While you’re on that home tour, do not get distracted by new features. Keep an eye out for areas that indicate rush jobs.
Take note of brands and materials used within the home. Make sure that it consists of high-quality materials that won’t wear down over time.
Avoid These House-Hunting Mistakes
Now that you know these house-hunting mistakes make sure to avoid them at all costs. Keep a level head and be as meticulous as you can. Rash decisions can cloud your judgment in looking for your dream home.
Play it smart and think everything through. Have an experienced real estate agent help you with the search, especially if you’re looking for houses for families. You will find a home that suits your tastes.
Did you find this helpful? You can check out our other articles as we cover a wide variety of topics, such as this one.