It can’t be denied that buying your first home is exciting. However, there are times when the process slowly gets tiring and overwhelming. You have to check multiple listings, talk to different sellers, find a good agent, or go to an open house. But no matter how daunting this task can be, you should ensure that your decision making won’t be affected. That way, you can get a house that matches your living requirements and preferences.
Getting your dream house is possible if you know what to avoid during house hunting. Let us help you with that!
Not setting a budget
If there’s one thing that a house hunter should do first, it’s coming up with a budget. Never, ever go looking at those listings without a budget in mind, as there’s a tendency to desire a property that you can’t afford in the first place.
Make it easy for your real estate agent to help you. Instead of deciding based on the listed properties you see, set a budget and stick to it. Doing this will enable you to narrow down your choice. Bear in mind that you also need to consider interest rates and expenses for minor renovations or fixes. Going over even a few thousand dollars can make a huge difference.
Picking a bad agent
With so many real estate agents to consider, it’s hard to pick the right one to help with the process. For this, find someone who knows the local area very well and has experience in hunting for the type of property you want. One obvious red flag is if the agent is aggressively selling houses that don’t even fit your qualifications.
It will be better if you talk to them personally and ask questions regarding their background and approach when it comes to house hunting. If your guts tell you that they don’t quite fit the deal, it’s most likely true.
Not getting a pre-approved mortgage
Don’t start your house hunt with a mortgage pre-approval, which is beneficial for letting sellers know that you’re in a great position for a deal and are determining how much you can shell out. Part of this process is filling out a loan application and providing information on your assets, income, debt, and credit history. All this documentation is crucial for deciding whether you qualify for a mortgage or not.
Without arranging a pre-approval, you risk losing your dream house or making bids on great deals. And regardless of how early you apply, if your credit score is less than the estimation, the lender can’t still provide you the loan amount you’re requesting.
Overlooking important house details
Most often, if the interior design looks bad, house hunters will look past them. Does the paint on the walls or the kitchen design look like something from the ’80s? But aesthetics are not the only important factor to consider when picking a good house. That house with a kitchen painted with a dull color might have high-quality kitchen cabinets and counters that you can’t find anywhere else.
Look beyond the aesthetics. Focus on the features that can’t be easily fixed such as the number of bedrooms and bathrooms, the size of the kitchen, or the location of windows. Does it have enough bedrooms for your whole family? Are the windows in the right places for natural light to enter the house?
Not exploring the neighborhood
Sure, the house looks great and within your budget. But have you pictured yourself living in the neighborhood? While you can’t choose your neighbor, you can pick a place that offers you great convenience, especially when running your errands. Are there different public transportation options available nearby? How busy the area can get? How far is it from the supermarket or the mall?
It will be ideal if you can drive around or explore the area at different times. Learn if the community is friendly or safe. This is even more advisable if you’re going to live there with your spouse and kids. These little details can make a big difference in your life once you move in, so choose wisely.
Bear in mind that buying a new house is a huge investment. It requires great attention, time, and smart decisions to find a property that will last a lifetime. Don’t get overwhelmed with your choices, and remember the mistakes listed on this blog to make your hunt easier!