Do Not Buy a House
Do Not buy a house…without doing these things!
What Not to Do Tips When Buying a House!
Follow these tips every time you buy real estate property!
Not Considering Future Needs:
Avoid buying a home solely based on current needs. Consider your future plans, such as family growth, job changes, or potential lifestyle changes.
Not Shopping Around for Mortgages:
Don't settle for the first mortgage offer. Shop around, compare interest rates, and consider different lenders to find the best terms. If desired, explore grant programs, and down payment assistance programs.
Not Trusting Professional Advice:
Yes, value family and friends’ opinions and experiences. The housing market is always shifting and evolving and it can be different from when your friends or family last bought or sold. Also real estate is local. What is common can change from state to state, and region to region even if in the same state. Listen to the professionals involved in the real estate transaction that are actively involved in real estate transactions being conducted on a routine basis.
Skipping the Consult:
It is important to interview Realtors. Not all are the same. Have a face to face conversation, Zoom, or another way to converse to discuss how you would like to be communicated with and your expectations. Ask questions about the local housing market, your needs and wants in the next home and the must haves versus the nice to have, your motivation, and what to expect from the Realtor and other vendors and professionals in the process. The consult also allows you time to review what the offer paperwork looks like and strategize how you will be submitting an offer.
Do Not wait until the last minute to get pre-approved, and get your pre-approval letter. Waiting last minute to get pre-approved and fill out a loan application could cost you the house. The seller could accept another offer and the house could go pending before you get to make an offer. There could be a situation of mutliple offers and a pre-approval letter will help you standout, look serious, and be competitive.
Do Not rush the process in so many regards. Homebuyers one of the key things you do not want to rush is forming your own opinion of the neighborhood. Homebuyers do your due diligence to review the neighborhood, surrounding amenities, and future development plans.
Getting Emotionally Attached Too Soon:
Don't let emotions cloud your judgment. Stay objective and practical, especially during negotiations.
Avoid focusing solely on the purchase price. Consider additional costs such as down payment, inspections costs, closing costs, property taxes, homeowners insurance, homeowners association (HOA) fees, moving expenses, utilities, and potential maintenance expenses. Also you will want to consider setting a limit on how high you want your monthly mortgage payment to be.
Not Reviewing the Contract Thoroughly:
Avoid rushing through the contract. Take the time to understand all terms and conditions before signing. If needed, seek legal advice with an attorney.
Foregoing Home Inspection:
Home inspections are for your information a fyi before buying, and provide you an overall scope of the property condition and what to prepare for as you live in the home . It helps identify potential issues that might not be apparent during a casual walkthrough.
Skipping Title Research:
Don't skip the title search. Ensure there are no outstanding liens or legal issues that could affect your ownership of the property.