5 Rookie Mistakes Home Buyers Make
In life, mistakes happen and there’s nothing you can do about it. We are all human and we are going to slip up. However, when it comes to buying a house, doing a little research can help home buyers avoid making a big mistake.
The truth is that many first-time home buyers make the same mistakes. If you don’t want to follow suit, avoid the following missteps.
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Not keeping the houses straight
This seems like a silly mistake, but it does happen and it’s easier than you think. When home buyers look at multiple houses in the same day or over the same weekend it can start to be difficult to keep them apart in your head. This is especially true if you are buying a house out of town.
For this reason, it’s a good idea to always have a second showing of the house that you want to put an offer in on. At the very least, make sure that you take pictures to document each house to know which one you are talking about.
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Not thinking about the future
Well, you can’t predict the future. But it is smart to try to think about the things home buyers might expect when buying a house.
For example, if you’re buying a starter house when you’re expecting your first child and it’s only a two-bedroom house you might quickly run out of room. Or, if you’re buying a five-bedroom house as your youngest is getting ready to graduate from college you may end up with too much house.
Home buyers want to make sure you get the house that you will need in the future and not just in the moment.
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Not taking the home inspection seriously
There is a reason that a home inspection is usually a contingency in a real estate deal. It’s important that you carefully consider all the findings of the home Inspection. Just because you love the house does not mean that you should overlook problems with the foundation or the electrical or anything else.
With this in mind, home buyers want to make sure you carefully consider the findings before you make a decision to continue in the escrow process.
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Paying too much
When you find a house that you love it can be hard not to pay too much for it. You want to make sure that you secure the house and don’t want to risk losing it. These emotions can cause you to overpay.
Before making an offer home buyers should take the time to review their situation. Run the numbers again and determine the correct offer to make on the house.
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Taking on the responsibilities of a landlord
If you’re looking at buying a house that has a space that you can rent out, make sure you think carefully before you move forward. Landlords have a lot of responsibility and you need to make sure that you’re ready to handle it.
You will also want to carefully consider who you are going to rent your property to. Renting to family and friends can often lead to problems down the road. Protect your personal relationships when possible by not turning it into a landlord/tenant relationship.
Buying a house isn’t always easy, but it doesn’t have to be a disaster either. Avoid these 5 mistakes to make your experience a good one.