On average, you can expect to spend around 10 weeks looking for a home to purchase.
Buying a home is a long-term investment. That’s why most home shoppers are willing to sink so much time and effort into finding the perfect place. However, there are many home hunting mistakes you’ll want to avoid.
Whether it’s your first time buying a house or you’re a seasoned shopper, home hunting is still often daunting and stressful. Since home ownership is such a large investment, it’s important to be smart about the process and your choice.
In this article, we’ll go over five of the most common home hunting mistakes you should avoid.
1. Skipping Mortgage Pre-Approval
Finding and buying a home is competitive. If you happen to find a home you love, you’re going to need a mortgage pre-approval to help seal the deal.
A mortgage pre-approval offers several benefits. First, it informs you of the exact budget you’ll be working with. This makes comparing house prices easier.
Next, it helps you get a real estate agent. These days, an agent is vital to searching through the local housing market for the property of your dreams. If you don’t want to be stuck only attending open houses, then a real estate agent is what you want.
2. Ignoring Flaws
While you’re shopping around, don’t overlook any flaws in a home you come across. While it’s true you can fix flaws after the purchase, this adds extra expense to your budget. Not to mention stress.
For example, if you’re interested in homes for families and want a fenced-in backyard, don’t settle for a house with a large backyard and no fence. Who knows when you’ll have the time and extra money to add a fence yourself.
3. Failure to Inspect
You should never jump at buying a house without first doing an inspection. This is all the more true on bank foreclosed homes.
Sometimes, a home can have an issue that you won’t be aware of without an inspection. Such problems can range from minor to serious. An inspection will also provide insight into your home’s value.
4. Expecting Perfection
The opposite of overlooking any flaws found, don’t expect any home to be perfect. It is rare that you’ll find a home that’s the perfect size with all the features you want at the best price possible.
While house hunting, you’ll often have to make concessions on at least one desired aspect. For example, maybe you want a three-bedroom home with a built-in garage and a fully furnished basement. Most times, you’ll have to sacrifice either the attached garage or the basement.
5. Overlooking the Neighborhood
Make sure that you also look around the neighborhood the home you’re interested in is. You want to make sure that you also enjoy the neighborhood. If you buy a new home and move in and you end up hating the neighborhood, that new home will soon sour on you.
Avoid These Home Hunting Mistakes
If you follow the tips laid out in this article, you’ll be able to avoid some of the most common home hunting mistakes that people make. We hope this article proved helpful in your home buying journey.
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