Buying a home is more than just a huge financial investment. It’s an emotional one, too. If you’ve ever bought a home you know the ups and downs, the mood swings, the victories and disappointments that go along with finding the perfect home. Unfortunately, those emotions can lead to a number of homebuyer mistakes. Mistakes that can end up costing you money! That’s why it’s important to keep your emotions in check during the home buying process and let your rational side lead the way.
5 Points real estate agents have decades of experience collectively. Here are a few of the most common mistakes we’ve seen over the years.
Searching outside your price range
It is important to have a budget range before you start your search. Finding a home you love then realizing you can’t afford it is a dream crusher. You don’t want to be tempted to get yourself in over your head by stretching the budget too far or feeling like you are settling when you have to choose something else.
Mis-timing the offer
Losing out on a property because you didn’t move fast enough with an offer can be heartbreaking. There is a balance between dragging your feet and rushing to put in an offer. In a hot market like Charlotte, it may be necessary to act quickly but that doesn’t mean you should just jump at the first option. You still need to do your research and review your checklist to make sure a home meets your needs and lifestyle.
Overbidding
Anxious teenagers aren’t the only ones who can experience a fear of missing out. But when it’s an adult with a pre-approved mortgage it can mean putting in an offer on a house that isn’t right for you and paying too much for it in the process. Overbidding can cause problems with the appraisal, with the mortgage, and with reselling the house down the line. Make sure the purchase price for the home you buy is reasonable for both the house and the location. Your agent can run the comps for you. Ask their opinion before making an offer.
Overlooking potential problems
The flow of the home is perfect. The master bathroom is luxurious and it’s in the neighborhood you’ve been dying to get into. There’s just one thing…. Actually, a house with one thing typically has more things. Ignoring that water spot on the wall, blowing off that musty smell in the basement could mean you’ll end up with a house that will be difficult, expensive, or impossible to change later on. If you are set on the fixer-upper, make sure you can handle the projects in terms of time, money, or your own ability.
Remember, your emotions aren’t in charge.
Carefully considering your options before you make a commitment will save you money and headaches in the long run. It’s ok to wait until something better comes along. New houses come on the market every day.
The best home makes your feelings and your finances happy!