For almost fifteen years I’ve assisted couples and individuals in acquiring a small piece of the American Dream…becoming a home owner. Over time I’ve notice several common pitfalls that haunt those who find it difficult, or fail all together, to find the new home they are looking for. The question for me became, How can I help other buyers avoid some of the obstacles associated with finding their dream home?
The answer was this article. If you are in the market looking for the ideal new home, I would like to share six home buying pitfalls and how to avoid them.
1. Missing out on the perfect place. New technologies allow buyers access tothousands of homes being listed and sold every day. With so many properties and just as many ways to view them, your dream home could slip by unnoticed — or worse, someone else might snatch it up before you even know that it’s for sale. That’s where Listing Alerts by Heyward Homes will come to the rescue. You can get instant notifications by email or on your smartphone when new listings that match your wish list come on the market. Never again will you miss your opportunity to buy the perfect home.
2. Using the wrong lender. Nothing will upset you more than having the perfect house under contract, just to find out one week before closing that you don’t meet the loan requirements of the loan you applied for. At Heyward Homes, we refer clients to our preferred lenders for a very specific reason…they’ve consistently delivered loan closings. Seek out preferred lenders, and don’t be afraid to interview two or three to find your ideal fit.
3. Desperation. After years of a generally stagnant market, prices are finally on the rise, particularly in the Washington DC suburbs of Prince George’s County. Homes for sale in DC also continue to rise steadily. In this type of market buyers tend to become a bit antsy and sellers a bit greedy. Being outbid on numerous properties is normal in this environment. Don’t fall into the trap of ridiculously high offers simply to get into a home NOW. There is a very delicate balancing act between winning the contract and overpaying for a property.
4. Declining inspections. Inspections are important because they allow you to identify red flags and can address the general state of a property. You can also provide some additional leverage when it comes time to negotiate. In a perfect world, sellers would disclose every single issue to the prospective buyers. Since that’s not the case, inspections are a must, even when you intend to purchase the property As-Is..
5. Buying a “fixer upper”: We work with many investors at Heyward Homes and have come to know one thing for sure…ALL renovations take more time and money than expected. There are ways to protect yourself once you understand that reality. However, if this is your first home or you have never overseen a renovation project, then purchasing a new home that needs a complete rehabilitation is not a wise choice. We’ll help you consult with the right contractors and tradesmen to determine whether the level of rehab is within your personal renovation threshold so you don’t bite off more house than you can chew.
With a bit of savvy, patience and the right agent, many of the pains that come with house hunting can be avoided. And if all goes according to plan, you’ll end up with a place you’ll be proud to call home.
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