Avoid Mistakes When Buying Your Next Home

Can you still remember how you felt when you purchased your first house? It was as terrifying just as it was exciting, right? Well, it isn’t surprising considering that purchasing a house is one of the biggest investments you will ever make in your lifetime – unless you get another one, of course. It gets you in stressful situations at times mostly because you want to make sure you have done the right thing and you have gotten the best deal. Most of the times, your emotions can get the best of you so you have to best prepare yourself for the situation.

But, whether it is your first or tenth time to buy a home, there are many common mistakes that people often fall trap for. Get to know them so you do not have to be one of these people. Once you know the common mistakes they usually do, you should be able to make a better decision and become better, if not completely, prepared to buy your next – or first – home.

Mistake 1: Do Not Get Mortgage Pre-Approved

Mortgages require a lot of documents and important information from buyers so you need to have it pre-approved even before you start looking for a house to buy. Doing so will get you one step ahead of everybody else because a pre-approval often gives you an edge when you decide to make an offer on a property. Pre-approvals will let sellers know that you already have financing and you and your agent will know exactly how much it is that you can afford. Budgets, after all, are very important when you purchase a home because agents will want to have an idea on what types of houses they can show you and you will know what to expect in terms of your monthly payments. Sellers also often prefer those who have already been pre-approved because they do not have to wait out to see if you can even get a loan or not.

Mistake 2: Not Knowing What You Need and Want

Just like in grocery shopping, it can be so easy to pay so much for so many unnecessary items when you have no clear idea of what you actually want to buy. When looking for a house, you should first know what you need and cannot live without and what you want, as a bonus. Know that no single house will allow you to tick off every box in your wish list so you should know on which features to compromise. Fall in love with a house that is actually able to meet most of your needs and that will allow you to grow in it.

Mistake 3: Not Working Together with Your Co-Buyer

When you are purchasing your house with a partner or spouse, it is important that the two of you work together during the process. Do not go buying a property that only one will love and certainly do not let just one person go through the painstaking process of a house purchase. You will both be living in the house so you have to make sure that the two of you actually love it. Otherwise, you are simply wasting your time and the agent’s time.

Mistake 4: Not Getting the House Inspected

Purchasing a house but not having it inspected prior to the purchase is a huge mistake with a terrible consequence. For all you know, there could be a major fixing that needs to be done somewhere in the house but you could no longer let the seller do the repairs for you because you have already sealed the deal. Knowing the actual condition of the entire house will allow you to renegotiate the price with your seller – perhaps you can even lower it if you decide to do the repairs yourself.

Mistake 5: Waiting Out on Home Insurance

With all the excitement of owning a house, it can be easy to forget to secure home insurance – but you shouldn’t. Remember that lenders will not close your loan if you cannot provide home insurance or if the property cannot be insured for some reason. These policies will help protect your home – and lenders will want to make sure that their investments have protection of some sort. Make sure to get a policy long before you close the deal on the house.

Mistake 6: Waiting for the Perfect Timing       

Many people would love to get a house but are hesitant because they want to make sure that they are doing it at the best time. Interest changes continue to fluctuate and so can home prices. When you decide to purchase a house, your number one factor that should affect your decision should be if you can actually afford the purchase or not. Do not wait out to see if it is the best time in the market to purchase one.

Contact me (Randy Gridley) at idahohomeinfo@gmail.com or call or text me at 208-859-7060