The home buying process can be both exciting and overwhelming. Narrowing down your wishlist and looking at homes are the highlight of the process. But, there are also a lot of moving parts going on at once that some important details might get lost in the mix.
You might not always think about the technical aspects or even the often forgotten about checklist items, which we’ll share for you here.
While you’re getting ready to buy a new home, be sure you avoid these pitfalls that could put a huge damper in your plans.
Not getting preapproved for a home loan - This should be one of the first steps you take in the home buying process, but some people choose to go straight into looking at homes. If you do that, you won’t know exactly how much house you can afford, simply by calculating your income. Not only does income count, but your credit score plays an important role in the rate you receive. Establish your baseline with getting preapproved and look at homes that are truly within your reach to avoid time wasted and disappointment.
Neglecting a home inspection - When looking at homes, ask if a home inspection has been done already. Sellers are encouraged to have home inspections done to motivate buyers ahead of time, especially for older homes. In addition, it’s common that a home inspection is included in the purchase process of a home. If it isn’t on the contract, inquire about it and be sure to utilize the findings in the negotiation process. Keep in mind that inspections done by seller are only reported to them, including severe issues, so being vocal about your concerns is helpful to avoid issues down the road.
Not negotiating with the sellers - For both buyers and sellers, it’s important to negotiate the cost to come together in agreement. It can be an intimidating process, but could potentially help particularly if the home inspection yields some issues that could eat into your budget. With the right team behind you, you’ll be able to gauge the possibility of negotiation and should always consider it.
Not asking for help - Home buying is a daunting task and don’t be afraid to lean on your real estate team to give you the answers. Unless you are a real estate professional yourself, there can be a lot of hidden costs and questions that come up - and being ahead of the curb will ensure a smooth transition. For example, our Better Properties DuPont team are here for more than acting as a facilitator of home sales and buying, we want to make the process fulfilling.
Forgetting about hidden costs - These costs could come up and add more $$ to your budget without you realizing: appraisal fees, escrow fees, homeowner's insurance fees, and property taxes. The property you're eyeing might also have a homeowner’s Association, where you would have to tack on an additional fee to your monthly mortgage. Lastly, you might have to pitch in for the moving cost, which depends on how far you are moving. When working with your budget and potential homes, consider all these things so you don’t hit a bump that could hurt the home buying process.
Not being flexible - A wish-list is critical when home buying because how else will you know what to look for in a house? However, when you are looking at an existing pool of listings, you might have to compromise some aspects. Be sure you keep an open mind when looking at homes because you don’t want to pass up a home that could be a perfect fit for your family. If you’re married to specifics so much, it could be months and even years to find the home that would check off all the points on your list. Let your real estate professional help you look past the specifics.
Not planning long-term - Jumping into home buying premature should cause for lots of pitfalls. Map out your budget way in advance considering your preapproved home loan, all the hidden costs, just to be safe, as well as move-in costs like potential quick fixes as you get settled. Save up now, so you can ensure for a stress-free home-buying process. Having some buffer room with funds will help with peace of mind and avoid slow-downs along the way.
If you have any questions or would like to get your home buying process started, give us a call at 253-292-1132 or email us by clicking here.