Buying a home is one of the most serious investments you’ll make in your lifetime. The current average cost of a house in the United States is $393,300 as of Q4 2020.
With that kind of money on the line, you can’t afford to make a mistake. Here are some of the most common house buying mistakes people that potential homeowners sometimes stumble into.
3 Common House Buying Mistakes
Buying a house is complicated. It’s certainly understandable how house buying mistakes happen. People get degrees in real estate, after all. Real estate law is its own discipline, as well.
Not Doing Your Due Diligence
First off, don’t just go about blindly calling phone numbers listed on For Sale signs. At best, it’s a waste of your time. You don’t know if the listed property will meet your criteria. You wouldn’t be able to know if they have features you’re looking for, like if they have a pool or not.
At worst, it’s simply not safe. You don’t know who put up that sign.
It also indicates to the seller that you’re not working with a real estate agent. This could result in them overcharging you or being less-than-scrupulous.
Not Working With A Representative
That first mistake leads directly to the second. It’s absolutely a house buying mistake to not work with a realtor or real estate agent. You could fill a phone book with the advantages of working with a trusted real estate agent.
Realtors will be familiar with the local housing market. They’ll have intrinsic knowledge of average home costs, for instance. They’ll know immediately if you’re being overcharged or not.
They’re also more equipped to negotiate with someone selling a home. It is their job, after all. When it comes to buying a home, this difference could mean tens of thousands of dollars.
This doesn’t mean you can’t do your own house hunting. You should just drive around (or search the internet) in the areas where you’re interested in living. Then keep a list of properties you’re interested in and have your real estate agent get in touch with the sellers.
Not Giving Yourself Time
It’s important to keep a cool and level head when you’re looking to buy a house. Even a simple mistake could mean thousands of dollars. It’s a mistake that could cost you for years to come.
When it comes time to check out a property, give yourself enough time to prepare for the meeting. Don’t schedule an appointment for a few hours away. Give yourself enough time to research the property as thoroughly as you are able.
This means you’ll be more likely to know the history of a property. You might see a history of property repairs, for instance, or the lack thereof. The fact that a house from the 60s has its original roof could indicate an expensive repair down the line.
Avoiding these simple house buying mistakes will make your house hunt go as smoothly and as painlessly as possible. You’ll be able to find your dream home at a dream price!
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