Mistakes happen. They happen at home, at work, with kids, really, they happen in all areas of life. When you are buying a home though, the stakes are high and mistakes can be especially costly. As a new home buyer, you should be doing everything in your power to understand the home buying process, your real estate market and what are the best moves you can make to land the home of your dreams.
Usually this starts with hiring the right realtor to help you on your home buying journey. Beyond that though, here are a few common mistakes that home buyers often times make when buying a new home.
They Don’t Think Like A Seller
Your number one priority when buying a home should be “Does this home fit me and my lifestyle”, this is true. But you should also be taking into consideration resale value of the as, because in all probability, you will be selling the home in the next 5-15 years. If you bought a 1 bathroom home in a neighborhood that is mostly families with 2-3 bathrooms, that one bathroom will hurt your resale. A realtor should be able to help you plan ahead so you don’t run into issues down the road.
They Don’t Know What They Can Truly Afford
In case you were under a rock in 2008, what you can really afford and what the bank says you can afford are not necessarily the same thing. Yes, you need to get approved and see what the bank will approve you for. But you also need to know your current finances and what your finances could look like in the future. Purchasing a home that will max out your budget will be stressful and could create issues if your income changes in the future. It will also make home maintenance more difficult.
They Don’t Check Their Credit Score
You may assume your credit score is rock solid, you haven’t had late payments or anything so how could it be bad. Then when you find the home of your dreams you come to find out your score is 100 points less than you expected. It is very common for credit reports to have errors and these errors can take months and months to fix. It is better to check your score and make sure everything is 100% in order before even beginning to look at homes.