House hunting can be exciting but there’s also plenty to consider when you’re conducting your search. When looking for a house, most people have a good understanding of what features they want. But what about the things you need to avoid?
To dodge some major house hunting pitfalls, take a look at our quick tips below.
Looking outside of your price-range. Find out how much you can borrow from your home lender and stick to it. While it can be tempting to stretch your budget for a home that appears to be just right, people often forget about hidden costs like taxes, insurance, utilities and fees that will be tacked onto the purchase price or the monthly payment. To avoid temptation, scratch any homes off your list that are clearly out of your price-range.
Buying the first home you see. There’s a lot to consider when buying a home and without a strong basis of comparison, you could be making the wrong decision. Make sure you’ve done your research and have a good idea of what average prices are in the area you’re looking in and see how each home stacks up. You’ll also need to investigate the neighborhood to make sure it’s on par with your family’s needs. Once you’ve had a chance to look at some options, you’ll feel great knowing that you’ve made an informed decision.
Homes that need major renovations. Unless you have the cash flow and ability to renovate, these homes are best left untouched, especially for first time home buyers. Think about how much time you’re willing to wait while your house is being renovated – are you prepared to wait even longer? Renovation projects tend to go over-time and over-budget, so unless you’re looking to stay put for several years, this home might not be worth the headache.
Not getting inspections. Make sure you arrange an independent inspection to assess the overall state of the home, even if your lender doesn’t require it. Since sellers may not disclose all issues, an inspection is a great chance to discover any potential roadblocks and decide if they will make or break your buying decision. Knowing the true state of the home can also provide some great bargaining power.
Whether you’re searching for your first home or your thirtieth, our expert team is here to help make your home-buying process as smooth as possible. Contact them for more information today.