Purchasing a house is one of the biggest financial leaps you might make in a lifetime. It can get exciting, and at the same time, nerve-racking. Homeownership is a serious responsibility, and for everything to work you need to have a master plan.
Research is your key to overcoming obstacles when buying your first home. You can avoid the top house-hunting mistakes in Orlando, FL with just a little knowledge. Things like ignoring mortgage pre-approval, overestimating your budget, and not hiring a buyer’s agent (especially that last one!) are common mistakes that can make house-hunting a nightmare.
That’s why we laid out this list of mistakes to avoid when you’re hunting for a house in Orlando. Read on, and find out how you can dodge these common house-hunting pitfalls.
Mistake #1: Ignoring mortgage pre-approval
First things first, you need a clear vision of your budget and how large a house you can really afford before you start house-hunting. The way to determine this is to get a mortgage pre-approval.
The pre-approval process involves giving your financial details to the lender, including your income, assets, and credit score. Once you're eligible, the lender will decide how much money you can borrow. This can make signing a contract with your seller much easier because it puts them at ease knowing you're already pre-approved.
Mistake #2: Overestimating your budget
House hunting can get emotional because there’s a possibility that you may get carried away from all the excitement of buying a new home. Unfortunately, this can lead to overestimating your budget and going over the price range you can afford. You can avoid this mistake by starting on lower-priced houses within your price range. If nothing appeals to you by that range, then you can work yourself up until the highest limit of the price range.
Mistake #3: Not hiring a buyer’s agent
If you're completely decided on house-hunting in Orlando, the better option is to hire a buyer's agent to work for you. Most real estate agents in Florida work as transaction brokers. These are real estate agents who facilitate a real estate transaction but favors no side.
However, there are exclusive buyer’s agents whose main priority is to represent the buyer and their interests. Hiring an exclusive buyer's agent is a great advantage because they make sure your wants and needs are met. More than that, they can negotiate for you to get the best possible deal for the home you want.
Mistake #4: Getting distracted by unnecessary fancy features
How a house is presented can be pretty tempting, especially with all the fancy, upgraded features they include during the home staging. Just remember not to get too distracted by designer furniture while looking at potential homes. The main things you should be focusing on are the home’s long-term functionality and livability, not its aesthetic appeal.
Mistake #5: Not doing proper neighborhood research
House hunting doesn’t only include the home you’re going to buy, it also includes the neighborhood you’re going to be living in for a long time. You should absolutely thoroughly research the community you’re planning to buy a house in. Look for the community amenities in the neighborhood, and consider how accessible emergency facilities are. These are just some of the things to consider before you make an offer on a home.
House hunting can be a complicated task, especially for first-time homebuyers. This list of mistakes to avoid will help you during your home buying process. But if you're interested to find out more about how the Florida real estate market works, then watch this webinar on YouTube. This webinar can help you gain insights on how home buying in Florida works and essentially guide you through the whole process. Don't wait and watch now because you won't want to miss this https://www.youtube.com/watch?v=qDPUxwfJUQg&feature=youtu.be!