There is a lot of home buying activity in our market right now. So much so, there is a shortage of available properties. Because of this, eager buyers may make decisions in haste to try to beat out the competition. If you are thinking about buying a home consider these common homebuyer mistakes so that you don’t make a decision you’ll regret later.
Home shopping without a preapproval
How unfortunate it would be to find your dream home only to discover you cannot afford it. Before you start shopping for a home speak with a lender and get preapproved. The lender will evaluate your income, debt and other information to determine an affordable price range for you.
Not getting all of the facts regarding costs
The idea of owning a home can seem glamorous. There is more to owning a home than making a down payment and monthly mortgage payment. Find out from your Realtor® what closing costs you will be expected to pay. Also, consider the cost of ownership including homeowner’s association dues, insurance, property taxes and maintenance.
Foregoing an inspection
This might seem like an unnecessary step, especially when buying a newer home or new construction. Having a home inspection by a qualified inspector can save you thousands of dollars and many headaches later. The inspector will be able to detect many major issues that go unnoticed by buyers. Knowing ahead of time what problems might exist will help you make an informed decision. You may also be able to get the seller to make any needed repairs before settlement.
Not purchasing a home warranty
A home protection plan, also known as a home warranty, adds a little assurance for your investment. It covers repairs or replacement on some systems and appliances for a year after your purchase. Having one can help you save thousands on repair costs. This is a negotiable item that may be purchased by the seller if your or your Realtor® simply asks for it.
Not using a Realtor®
Opting against using a Realtor® to assist with the purchase of your home can be a huge mistake. An experienced Realtor® provides the benefit of knowledge and expertise gained through successful negotiations of many real estate deals. By using as Realtor®, you have access to the tools used for finding the right home and assessing an accurate value. You also gain access to the agent’s team of experts who provide advice or services in the areas of financing, home inspections and other topics related to buying a home.
If you’re ready to buy a home, avoid many of the common mistakes buyers make by working with a Realtor®. I am available to answer your questions and help you make the right decision in your home purchase. Give me a call and let’s start your home search in the Clear Lake City, League City, Friendswood, Pearland, Seabrook, Kemah, Dickinson or Houston Bay area.