These seem like common sense ideas, but the stress of shopping for a new home and finding something you know deep down is probably beyond what you can afford, can make the decision process very stressful. I can't emphasize enough that using a Realtor to help you through the process of buying a home in Daytona Beach will save you money and time. The buyer in Florida does not pay for the Realtor - so why should you not use a professional to represent your interests? If you commit to having a Buyer's Realtor on your side from the beginning, all of the decisions below will be much easier.
1. Looking without knowing what you can afford. Get preapproved, not prequalified. Have a good understanding with a reputable local lender about the payment you are comfortable with, and that the lender feels will be approved. Don't waste your time looking above your means. If you aren't sure, then make a budget - before you start looking.
2. Ignorance of your credit score. This goes along with #1 - know your credit score before you start looking. Down payment and credit score are the two major qualifiers for lenders today.
3. Not allowing for additional living expenses. When you make that budget with expenses for your new home, factor in everything you can think of which you may not have had before, like homeowner association fees, extra utility bills, and gas for commuting farther.
4. Not being flexible. No buyer, except perhaps the very wealthy, will get everything on her or his wish list. Know what is most important, and be ready to give on the items you can live without.
5. Not considering the future. This supports #4 - you may need to save before you can replace the tile or appliances, but if you keep other expenses in line, then you can look forward to upgrading your home in future years.
6. Don't buy the highest-priced home in the community. You want property which will appreciate and which you can upgrade, so you build the equity - not pay someone else for theirs.
7. Not hiring a home inspector. Second to using a Realtor, trying to scrimp on the home inspection process is by far the biggest mistake you can make. Find out before you buy what's wrong, not when you are the owner and faced with the bill.
8. Not considering your long-term goals. Do you want a family or a larger one? Will you need room for your parents to live with you or your kids to move back home? If these major decisions might be in the near future, look for a home which either can accommodate expansion or is already large enough. You can rent out the rooms in the interim, if needed.
9. Not considering the community. Here is another big plus for using a local Realtor. What are the future plans for the area you are considering? A major highway or shopping center? Any new schools or parks? Possible zoning changes? Strength of the condo association?
10. Not using a Realtor. Enough said above.
Call or email me with your questions about buying a home in our Daytona Beach area. You will have to make a lot of decisions, and learn as much as you can about the Daytona or Ormond Beach community you choose.
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