How to Avoid Pitfalls of Buying a Home

Buying a home can be an exciting and adventurous new time of your life. While exciting, buying a home is a major process which can have some hard consequences if you don’t know what you’re doing. Don’t worry though, we’ve got you covered.Here are 4 major pitfalls to avoid when buying a home.

Not Using Professional Help

You may be tech-savvy and know the in’s and out’s of looking for a home, but having a realtor will get you so much more. Since much of the information about homes is online today, many people assume that they can buy a home without the real estate agents help. This strategy often backfire though because a realtor not only helps you find a home, but helps you get your offer accepted by the seller. Your agent will not only know the “in’s and out’s” of the business but will have a strongly built network that will have be a reliable and large knowledge source for the market in your area. Finally, it may seem small, but having an agent often costs you nothing since the seller pays the buyer’s real estate commission. So why not use your realtor when they’re free?

Don’t Bust Your Budget

Just because you QUALIFY for a half-million dollar mortgage does not mean you should go out and buy a house worth that much. Whether a couple, on your own, or it’s your first time looking for a house, many people forget about added costs and unpredictable circumstances that can affect your budget. If you’ve never bought a house before you will now have additional fees like; condo fees, property taxes, and maintenance. In addition people tend to look at the top end of their budgets to afford the most expensive house they can. What people don’t think about in this case is that life happens, you might have to change jobs, or your income might go down for some reason.

Getting Too Attached to One Property

You’ve been searching all day long and you come to the last house on your list, when at last you think you’ve found it. The perfect house that fits your needs, wants, and you will live in the rest of your life. The sad thing is either your offer gets rejected, or someone purchases the house before you have a chance to take it. Don’t get too attached to one property because things like this happen quite often and the rejection will hit you hard. Understand that you need to be able to fall in and out of love when looking for a home, and even when you find the perfect one, there still might be a better one out there that you just haven’t found yet.

Don’t Skip Inspection

Inspection and appraisals are not the same thing. Just because a house looks good on the outside does not mean it will last for years to come. Not getting an inspection could cost you time, money, and grief down the road for things that you never thought to check before you bought the house. Inspectors will check those things like your chimney condition, if that crack in the foundation is catastrophic, water damage, and the insulation in the attic. Getting an inspection will be worth the time in money, because it will save you time and money in the long run.

What To Do?

Use your realtors, they’re here to help you. Budget wisely and understand that life can happen and things can change. Don’t get too attached to that one home, it won’t be the end of the world if you are not able to purchase it. Finally, when you have found the one go ahead and make sure to get an inspection on the property. Buying a house can be a time consuming and major process, but with the right planning it can be a rewarding, exciting experience.

If you have recently been thinking about purchasing a home or have questions, contact a Cortiers Agent to assist you today!