Top 5 Mistakes New Home Buyers Make
Buying a home is an exciting and stressful time in every new home buyer’s life. With so many options to choose from when selecting a home, many buyers may make mistakes such as overlooking major structural issues in favor of cosmetic upgrades.
Common mistakes made by new home buyers include:
Making an emotional purchase. It’s easy to choose a home that is in the neighborhood you’ve always dreamed about, or in the area where you grew up as a child. However, if the home has major issues requiring repairs or doesn’t meet your minimum criteria, you may want to reconsider the purchase. To avoid making an emotional purchase, create a list with your must-haves and stick to it.
Overspending. One of the reasons mortgage pre-approval is an essential first step in buying a home is because it will help you understand how much you can afford to spend on a home. In addition to the mortgage payment, don’t forget to develop an overall budget that includes monthly utility payments, property taxes, furniture and home improvement upgrades. Creating a realistic budget is key.
Failing to research the neighborhood. Online research and your realtor will be your best resources when it comes to researching your new potential neighborhood. It is also a good idea to visit the area on a weekend night. This will help you discover if the area is right for you.
Buying furniture without a test run. Always test out furniture before you buy it – especially items such as sofas, bureaus and beds. This will ensure that you are comfortable with your purchase and you can avoid the added stress of a return in the future. You should also measure your furniture to ensure it will fit in your new home.
Holding out for the ‘perfect’ home. It is nearly impossible to find a home that has everything a prospective home owner is looking for. That is why it’s important to create a tiered list of needs and wants in a home and find a home which meets your most critical criteria.
Avoiding these common mistakes will help you have a more enjoyable home buying experience.