It is an exciting experience to buy a new home, but some home buyers rush into the decision and make huge mistakes along the way. If you are buying a home, then it is better for you to learn about these mistakes in advance, so that you can avoid the problems in your real estate transaction. Here are a few of the most common problems that we’ve seen:
1. No Pre-Approval
Some people mistakenly think that it is a waste of time to get pre-approved for a mortgage, and they assume that the financing will work out when they find their dream home. Pre-approval is very helpful when you want to buy a home, because you will know the amount that you can afford. Also, no pre-approval means that you might miss the opportunity to buy the home of your dreams, because sellers don’t take bids seriously if pre-approval documentation isn’t available.
2. Shopping Outside of Your Price Range
It might be fun to look at the big beautiful homes that are just outside of your price range, but these homes can be deceiving. Even if you rationalize the higher mortgage payment, you need to remember that a pricier home will cost more in property taxes, utilities, and other expenses. Stick within your budget and it will be much easier to manage your financial stress levels after you move in.
3. Being Inflexible
Of course you want to find the perfect home for your family, but sometimes there needs to be a bit of flexibility in order to find what you are searching for. Many first-time home buyers might find that the funds are limited which means that they might need to choose an older home or live on a busier street. Consider your budget and priorities, and talk with your real estate agent about the things that really matter. Be open-minded about the possibilities and willing to make adjustments if needed.
4. Compromising on Important Features
Even though you need to be a bit flexible when you are buying a home, it is also important to make sure that you don’t compromise on the features that will have a strong impact on your family. For example, if you hate sharing walls, don’t buy a condo just because of the cheaper price tag. Keep searching and you will be able to find something that fits your requirements.
5. Skipping Inspection
The inspection might seem like another step that is getting the way of closing the deal, but the inspection is a vital step before you sign the paperwork. Choose an independent inspector who will help you identify potential problems and save you a big headache in the future. If you are ready to buy a home in Atlanta or the surrounding areas, then we invite you to contact us at Duffy Realty of Atlanta. We will help you avoid the common mistakes that people often make when buying a home: (678) 318-1700