Education and news for smart DIY landlords!
Buying a house can be an exciting milestone, especially for first-time buyers. It can be inspiring as you imagine what it feels like to be living in that home. Then you start getting ideas on how to design your living room or what colors to use for the walls.
House hunting can be a very emotional experience, and the decision-making process can add some pressure and stress, causing you to commit mistakes along the way. But if you want to end up with a home you love at a price you can afford, you should not let your emotions get the best of you. When buying your dream house, try avoiding these top five common mistakes.
Hiring a real estate agent is a necessary investment that will help you get the best house at the best price. But if you go house hunting alone, you might not be in the best bargaining position to negotiate. You see, agents, or realtors in particular, abide by a strict code of ethics to act in the best interest of both the seller and the buyer. If you don’t get an agent, it will only make the process even more complicated.
House hunting allows you to look for different homes and see what you fancy the most. When you find a place you love so much, it’s easy to give in to your emotions and end up buying a house you can’t afford. To look for a place within your price range, you should start your search with lower-cost homes and work your way up. There are a lot of great houses out there you can buy without going over budget.
The thing about mortgages is that what the bank says you can afford may be different from what you know you can afford. Knowing how much the bank is willing to lend you will keep you within budget. Conversely, skipping mortgage pre-approval might cause you to start the buying process all over again, especially if you get approved for less than you imagined.
When buying a home, the location is one of the most important things to consider. Don’t just focus on the property and ignore the surrounding environment. You’ll want to know basic facts, including how safe the neighborhood is or how long your commute to work will be. You may find a place you really like, but it could be in a crime-ridden neighborhood. Overlooking location issues can put you and your children’s safety at risk.
An inspection lets you know what’s wrong with the house, such as issues with the roof, plumbing, and electrical system. But if you don’t hire a professional inspector, they won’t be able to help you discover things about the house that you may have missed during your visits. You don’t want to buy a home the requires endless renovations and repairs.
Furthermore, an inspection helps you decide whether to close, negotiate with the seller, or walk away and find another house.
Buying your first home is a big decision, and it’s easy to make mistakes along the way. It’s natural for emotions to come into play, but you need to ensure you’re making reasonable choices, rather than forcing the idea of a dream house you know you cant afford.
When looking for a home, always consider the location, make sure you don’t ignore critical flaws, take your time before making a decision, and most importantly, choose a house that makes you happy without going over budget.