Buying a home can be stressful enough without falling into one of these common pitfalls that can kill your dream home purchase. Here are 5 of the deadliest mistakes buyers make:
Viewing properties without being pre-qualified
One of the worst mistakes a buyer can make is not knowing what they will be qualified to buy.
How to Avoid: Speak to a lender about your financial situation well in advance. Need to repair credit? Save a little more for a down payment? In the months before you actually need to start your home search, you can do a lot to improve your situation. And understanding your limitations on budget will prevent you from overspending or getting your heart set on something you can’t afford.
Choosing the wrong agent
There are plenty of licensed realtors ready to assist you. So how do you choose the right one?
How to Avoid: Making a connection with the right agent is essential. Your agent should be willing to form a strong relationship with you, to help advise and guide the process of buying what is likely your largest financial asset. Interview multiple agents and choose the one you feel most confident will advocate for YOUR best interests—before, during and after the sale!
Limiting your search
In this era of DIY, it’s easy to think you can get a handle on the market (on your own time! Yay!) by scanning listings online, viewing ads, or popping into open houses. But many of those properties are already sold by the time you’ve had a chance to view, especially if they are priced right.
How to Avoid: Enlisting the aid of a licensed realtor who knows your criteria, your values and your budget can greatly save you time, effort and gas!
Thinking there is ONE perfect home
Sometimes homebuying is a process of elimination, not just selection. New properties arrive on the market daily, so be open to new possibilities.
How to Avoid: When a home catches your attention, ask your realtor for a comparative market analysis to truly understand the benefits of each potential property. Not sure if a home is right for you? When in doubt, adhere to the 80/20 rule—if a property meets 80% of your “must haves”, it’s likely a good contender!
Avoiding due diligence
Finally found a home? In NC, the buyer MAY buy, but the seller MUST sell. If you’re considering, or you’ve placed an offer on a property, what do you do next?
How to Avoid: Make a list of any concerns you have relating to issues such as crime rates, schools, power lines, neighbors, environmental conditions, etc. Schedule inspections, appraisals and/or surveys. Ask the important questions before you make an offer on a home. Be diligent so that you can have confidence in your purchase.
As always, it’s essential to have all the information you need to make a sound decision on a home purchase. And having the right agent by your side can alleviate many of the pitfalls buyers go through.
Still have questions? I’d love to help! Contact me, and let’s chat about how I can work with you to make your real estate dreams a reality.