Attention Home Buyers: Avoid These 10 Common Home Buying Mistakes!

Hello Hampton Roads,

Buying a home is certainly a big milestone in one's life, it's filled with both excitement and concern at the same time!  This is why it's crucial to be smart about it and avoid these top 10 common mistakes I see home buyers make. By dodging common mistakes, you'll save both time and money so let's dive in and see how to make your home buying experience enjoyable and successfu!

Mistake #1

Skipping Pre-Approval: Are You Prepared for the Hunt?

Understanding your budget and having the financial backing from your mortgage company or bank is key.  Imagine house hunting without knowing if you're approved to buy what you're looking for or even what your monthly payment will be let alone your out of pocket costs when you close. Scary, right? If you're spending hundreds of thousands on a house, know your finances first!

 Mistake #2

Ignoring Budget Constraints: Can You Afford Your Dream Lifestyle?

This one goes hand in hand with mistake #1. Budgets are more than numbers; they shape your lifestyle and one of the worst mistakes you can make is overpaying and being house poor. Just because you may be approved to borrow that much from your bank doesn't mean you should. 

Mistake #3

Not Researching Neighborhoods: Where Do You Picture Your Dream Life?

Your dream home isn't just about the property; it's about the community too. Everyone wants a pleasant pleasant place to live and being in a neighborhood with fantastic amenities, such as walking trails, a playground, or water views, along with having friendly neighbors, enhances the overall quality of your living experience.

Mistake #4

Neglecting Home Inspection: What Lurks Behind Closed Doors?

Getting a professional home inspection can prevent you from purchasing the wrong house, especially if there are significant repairs needed. It also boosts your bargaining power with the seller to address any issues that came up during inspection and that you decide to negotiate.

Mistake #5

Overlooking Future Resale Value: Is Your Investment Future-Proof?

When purchasing a home, it's common for people's housing needs to evolve over time. Families might need more space, while empty nesters may be looking to downsize. It's essential to factor in future resale value when making a home-buying decision. Opt for homes with broad appeal to a wide audience. For instance, if you find two homes you like, one with 2 bedrooms and another with 3 bedrooms, and the prices are similar, it's wise to consider the 3-bedroom option. The market for 3-bedroom homes is typically larger than that for 2-bedroom homes, enhancing your property's potential resale value

Mistake #6

Underestimating Maintenance Costs: Can Your Dream Home Weather the Storm?

Owning a home comes with additional expenses that might not have crossed your mind during your renting days. In addition to homeowners' insurance and taxes, you'll encounter maintenance costs to ensure your home stays in excellent condition. These expenses cover things like  HVAC tune ups, replacing faulty windows, getting a new roof that's beyond it's expected lifespan.  All these costs add up overtime so it's important to be aware of them and plan ahead by setting aside some funds and building savings.

Mstake #7

Rushing the Process: Are your Rushing and Adding to the Pressure?

Mistakes often happen when we're in a hurry. When it comes to buying a home, it's crucial to approach things with thoughtfulness and purpose. Some steps in the home-buying journey require a slower pace, like taking time to build up savings or working on improving credit. However, once you've completed your due diligence and found the perfect house that meets your specific criteria, that's the moment to pick up the pace and secure your offer. Finding the right balance between thoughtful consideration and timely action is key in the home-buying process.

Mistake #8

Ignoring Future Needs: What Would Your Future Self Think?

Buying a home involves a bit of looking ahead; you need to consider not just what you need now but also what you might need in the future. Planning for your future needs can often be more cost-effective than purchasing a bigger, more expensive home. Ask yourself, is this a place where you can picture yourself living five years from now? Can you adapt to it as your needs change or make additions to it if necessary?

Mistake #9

Not Buying Owner's Title Insurance: Would You Protect One of Your Largest Financial Assets?

Insurance is something we hope to never need but are thankful for having! When you purchase a house, you'll see the cost for Lender's Title Insurance and Owner's Title Insurance on your settlement statement. Lender's title insurance is necessary when you get a mortgage and protects your lender. Owner's title insurance is your choice, but it's for your protection.

Title insurance protects you from unexpected problems that might come up later, such as someone claiming they still own part of your property or there are unpaid debts tied to it.  If a problem arises, your title insurance steps in to cover legal costs and financial losses, ensuring you can peacefully enjoy your home without worrying about past ownership troubles. 

Mistake #10

Foregoing a Real Estate Agent: Are You Navigating the Maze Alone?

While buying a home on your own is possible, the reality is that most people don't have the desire or time to become experts in the market, negotiation tactics, understanding disclosures, or crafting and presenting offers. That's why the majority opt for professional representation. Sellers and builders usually have professionals on their side, prioritizing their interests. As a buyer, you can even the playing field by having a professional on your team. Someone who knows the market and specializes in navigating the buying and selling process can be a valuable asset in ensuring your interests are well-represented.

Are you ready learn more and set your home buying journey on the right track? 

Let's create a personalized plan to achieve your goals, avoid these common mistakes, and turn your dream home into a reality. Sign up for a free home buyer consultation here:  https://calendly.com/liz-schuyler

 Your dream home awaits – let's unlock the door together! 🏡💼

Thanks for Reading,

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