When you’re a first-time buyer, the home buying process can feel complicated and unfamiliar. It can be easy to overlook some important steps if you don’t know what to keep an eye out for. However, during the home buying process, you want to be as prepared and cautious as possible. Simple mistakes could lead to missing out on your dream home. To give yourself the best shot at landing the perfect home, here are some common buyer mistakes to avoid:
1. Not Getting Pre-Approved
If you’re serious about buying a home, getting pre-approved is the very first step you’ll need to take. It not only determines what kind of home you can afford but it’s also required to submit an offer. Pre-approval shows the home seller that you are serious and qualified to buy their home. Time is of the essence when you’re house hunting and if you find a home that checks off everything on your list, you’ll need to be ready to move fast. Pre-approval allows you to do that.
2. Not Working With a Realtor
Working with an experienced real estate professional will give you the best chance of becoming a homeowner. They’ll be able to guide you through the process, help you evaluate pricing, negotiate on your behalf, and handle all of the documentation. Buying a home is no easy task and many ambitious home buyers think they don’t need an agent to tackle it. Even if you think you’re super prepared, things can go awry during the process and a Realtor will be able to advise you on the best next steps.
3. Waiving the Home Inspection
A home inspection helps you verify that the home is structurally sound and that there are no major issues or repairs that need to be made. Imagine waiving your inspection contingency only to find out that the foundation needs $60,000 worth of repairs after the home sale – that won’t feel good. Some home buyers think that waiving the inspection makes their offer more appealing, but it’s always better to be safe than sorry.
4. Not Researching the Neighborhood
When you move into a home, you become a part of that neighborhood community so it’s incredibly important that you do your due diligence before deciding on a home. Drive around the neighborhood during the day and during the night time to get a good feel for it. Take note of the nearby restaurants, grocery shops, and transportation.
5. Waiting Too Long to Make an Offer
When you wait too long to make an offer on a home, you run the risk of another eager home buyer getting their offer accepted instead. Even though things are slowing down, we’re still in what’s considered a seller’s market. If a home has caught your eye, it has likely generated other interest as well. It’s best to submit your offer on a home as soon as you can.
Buying a home is one of the most rewarding life milestones! If you’re just starting out on your home-buying journey and have any questions, give us a call at 562.896.2456.