Purchasing your new home is a huge commitment. It is important that you do your research prior to making your down payment. Here are some big mistakes new home owners make. Be sure to avoid these home buying pitfalls that will cost you thousands of dollars!
Functionality - Always consider your lifestyle and how you plan to use your home. Considering a home’s functionality first is essential when deciding on the right home for you. After all, you want to be happy right! Do you have a big family that likes to socialize a lot, have friends over and entertain? If so, you wouldn’t consider a home with a small kitchen and dining room area. It doesn’t matter how gorgeously decorated it is. Think functionality! You'll definitely want a home with a large kitchen with an open concept dining/social area, as this will keep you and your guests happy!
Find the Right Agent First - Often times, those searching for a home grab the first agent they see advertised in a phone book or in an ad. It's best to get a recommendation for an agent from a friend, colleague or family member before you begin shopping around for your new home. After all, you want someone who will only recommend homes that match your needs, but you also want someone who is knowledgeable about the area and someone who will be honest with you while looking out for your best interests.
Research Your Neighborhood - Do thorough research on the neighborhood you plan to move into. Visit the home at different hours on different days of the week to see the activity going on. Does the neighbor have a loud dog that barks at all hours? Does your home back onto a park with soccer games every day of the week with screaming kids, dogs and families? Does the street get a ton of traffic and will it be hard for you to go about your daily tasks trying to back out of your driveway on any given day? These are just a few examples of the things that can occur in your neighborhood. It's important to determine what is okay for you based upon your schedule, lifestyle and tolerance level. Make sure that you take into consideration all that is going on in the neighborhood you are considering before making the move.
What Can You Afford? - Another common mistake that people shopping for a home make is that they don't find out how much home they can afford. If you can only afford a $200k home, it doesn't make sense to tour homes costing more than that because they are out of your budget. Always find out how much home you can afford first before going out and touring homes trying to make a deal. If you do, not only will you be disappointed, but you'll also be wasting the time of the existing home owners because they'll have to vacate their home for a couple of hours for the showing. You'll also be wasting the time of the agents who are involved.
Also, don't make the mistake of not checking your credit. Your credit means everything when it comes to your ability to purchase a home. Determine your credit first with your financial institution before searching for your dream home.
Consider The Resale Potential - Never make the mistake of not looking at the resale potential of the home you are considering. Is it in a good neighborhood, by schools, parks, shopping centers, stores and a recreation center? These are all important factors that should be considered because when and if you do decide to sell it in the future, you want it to be appealing for your future buyer.
Home Inspections Are Always Necessary! Don't ever avoid doing a home inspection to save a few dollars. There could be hidden problems with the home that you plan to purchase. And this could cost you dearly in the long run. Avoid the hassle and do the home inspection. This is one of the most important tasks you NEED to do when buying a new home.
Any Extra Costs? The list price of the home you're considering purchasing is not the only cost you'll need to consider. Don't make the mistake many new home owners make of forgetting about the closing costs. Sit down with your agent and have them work out all of the costs for you beforehand so that you do not have unexpected costs that you cannot afford when it comes down to closing on the home. Proper planning is essential when shopping for your new nest!
Thoroughly doing your research ahead of time can help you to avoid these costly mistakes. Not only will it keep you focused on your dream home, but it will make you attain it easier while still maintaining your sanity.
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