7 Common Mistakes to Avoid

It’s surprisingly common how often we hear about buyers making these 7 mistakes during the home buying process. Why add unnecessary stress to the challenges you’ll already be facing? Planning ahead and avoiding these common mistakes will help you save time, energy and money. Plus, it will make the process much more rewarding! 

1. Thinking it’s too early to start. 

Although some buyers may find their home within a few weeks, it’s not uncommon for others to take several months to figure out exactly which home is the right one for them. 

If you’re unsure on budget, location or the specific features you’re seeking, the process can take even longer. Don’t fret, it’s totally fine to be unsure about these items, however, it’s important to allow time to walk homes, tour neighborhoods and figure out what’s most important to you. 

Keep in mind, even after an offer is accepted, it usually takes another 30-45 days to close on the home. If you wait until your only two weeks out from your lease expiring, for example, you may end up forking up extra cash for temporary living.

2. Expecting to get the price down after making an offer. 

Always make offers you’re comfortable with in the beginning. Although it’s possible a home inspection or the appraisal may allow you to request repairs or a slight price reduction, you should never go under contract on a home expecting that to happen.

It’s important to remember that you should never overspend on a home. Although you might qualify for a specific amount, that doesn’t mean you’ll actually be comfortable with that mortgage payment. Set your budget at the very beginning and stick to it. Remember to calculate for costs such as property taxes, insurance and utilities.

3. Chasing deals at all costs.

Today’s market has conditioned homebuyers to think there’s always a better deal right round the corner, but that’s not always the case. While it’s possible a similar, less expensive home might come on the market the day after you move-in, it’s even more heart wrenching when you regret passing on the perfect home, because you’re too busy chasing the lowest price. 

Don’t pass on a good opportunity, because you’re too focused on finding a deal. Make sure you’re purchasing a home that fits your needs. So long as you make smart decisions, owning home can be a rewarding investment!  

4. Not thinking like a seller. 

It’s very unlikely you’ll live in the same home forever, so it’s extremely important to look for features that will help you resell in the future. If you purchase a home at a discount, because there is an unalterable flaw with the property, then you’ll most likely have trouble reselling in the future too.  

5. Skipping the home inspection. 

Home inspections aren’t required, but if you skip an inspection, you’re financially responsible for any issues that may arise after the closing. Your inspection may reveal things like structural issues, faulty wiring or other issues we won’t be able to see simply from walking through the home. 

And, this goes for new construction too! Just because it’s new, doesn’t mean there wasn’t a mistake made during the construction process. A home is most likely the largest purchase you’ll make in your lifetime, make sure you’re getting what you think you’re getting!

6. Limiting your search.

You may have a certain neighborhood in mind, but if you keep your search too limited, you may miss out on the perfect home not too far away. With limited inventory and numerous buyers in the market place, being a little flexible on your location will allow you to consider more options and ensure you’re obtaining the best bang for your buck! 

7. Thinking you can do everything on your own.

A realtor’s role isn’t just finding you properties to see. It’s more about consulting you on market conditions; a property’s true value and helping you make a smart investment. Your realtor will also help present your offer to the sellers in a way in which it will help get it accepted and stick through the closing process.

Even after going under contract on a house, you have to make it through an inspection and appraisal before you close on the property. An agent will help you navigate any obstacles you may face. 

For example, if any issues are discovered during your home inspection, an agent will be able to tell you if requests for a repair are reasonable and help connect you with vendors who can estimate the cost to repair it for you. If a home is in good condition, a small repair can make or break a deal! 

Or, let’s say the appraisal comes back lower than the price agreed upon, an agent will help you negotiate a reduction or terminate your contract without you forfeiting your earnest money. It’s very important to have someone with experience protecting your best interests and consulting you through the purchasing process. 

By avoiding these common mistakes, your home buying process will be much more enjoyable. If you have any questions or would like help searching for a home, we’d love to hear from you!