Buying a Home You Won't Regret—Avoid the Pitfalls of Home Buying
Buying a Home You Won't Regret—Avoid the Pitfalls of Home
Buying
Whether your goal is profit or finding a long-term home for your family, buying real estate can be a stressful and often drawn-out process. If it’s your first time buying property, it can get to be a bit overwhelming. Luckily, millions of people have been there before and are more than willing to share their experience for others to learn from. Before you jump in head first and purchase your next home, make sure to take proper precautions to avoid the common pitfalls of home buying.
Budget!
While you may have an idea of what type of mortgage you can afford, make sure you’re not missing anything. Owning a home comes with many expenses outside of the mortgage payment. Some lenders do not offer home owner’s insurance and tax payments lumped in with the mortgage price. Also, owning a home often requires a lot of maintenance that renters are not used to footing the bill for. Make sure that you allow for extra money to cover these additional expenses when budgeting.
Hire a Reputable Inspector
You should never buy a home without first having it inspected by a reputable professional. While these inspections can cost around $300 to $600, it’s well worth the money. An inspector can warn you of very serious problems with the property before you take the final plunge. You don’t want to purchase a home infested with termites, a poor foundation, or a heating and cooling system that’s on its last leg. Do your homework and find someone you trust who is licensed to inspect homes.
Shop Around
While the first house you look at might make you fall in love, there is almost always a better option available. If you absolutely love the location and size of the home, the price and condition may not suit you. You could even find a better home at a cheaper price. Make your decision count by choosing the right home, in the right location, for the right price, and don’t settle for less than what you deserve.
Negotiate
Almost all homes are listed at 15 percent or more over the amount that the seller is willing to accept. Never offer to pay the asking price. If a realtor is handling the sale, they are almost always willing to pressure the seller into accepting any reasonable offer. They don't get paid until the house sells. Use their motivation to your benefit. Do your research on the surrounding area and the average going rate for the houses of similar size in that area. While you don’t want to excessively low ball the asking price, you will certainly save money by offering a reasonably discounted price.
The housing market can be a very scary place. You don’t want to jump in completely unprepared. Never expect to find a house and close on it immediately. Give yourself plenty of time to shop and make the right choices. There is no such thing as being too prepared. Buying a home might be the biggest investment you ever make. Make it a good one.
Whether your goal is profit or finding a long-term home for your family, buying real estate can be a stressful and often drawn-out process. If it’s your first time buying property, it can get to be a bit overwhelming. Luckily, millions of people have been there before and are more than willing to share their experience for others to learn from. Before you jump in head first and purchase your next home, make sure to take proper precautions to avoid the common pitfalls of home buying.
Budget!
While you may have an idea of what type of mortgage you can afford, make sure you’re not missing anything. Owning a home comes with many expenses outside of the mortgage payment. Some lenders do not offer home owner’s insurance and tax payments lumped in with the mortgage price. Also, owning a home often requires a lot of maintenance that renters are not used to footing the bill for. Make sure that you allow for extra money to cover these additional expenses when budgeting.
Hire a Reputable Inspector
You should never buy a home without first having it inspected by a reputable professional. While these inspections can cost around $300 to $600, it’s well worth the money. An inspector can warn you of very serious problems with the property before you take the final plunge. You don’t want to purchase a home infested with termites, a poor foundation, or a heating and cooling system that’s on its last leg. Do your homework and find someone you trust who is licensed to inspect homes.
Shop Around
While the first house you look at might make you fall in love, there is almost always a better option available. If you absolutely love the location and size of the home, the price and condition may not suit you. You could even find a better home at a cheaper price. Make your decision count by choosing the right home, in the right location, for the right price, and don’t settle for less than what you deserve.
Negotiate
Almost all homes are listed at 15 percent or more over the amount that the seller is willing to accept. Never offer to pay the asking price. If a realtor is handling the sale, they are almost always willing to pressure the seller into accepting any reasonable offer. They don't get paid until the house sells. Use their motivation to your benefit. Do your research on the surrounding area and the average going rate for the houses of similar size in that area. While you don’t want to excessively low ball the asking price, you will certainly save money by offering a reasonably discounted price.
The housing market can be a very scary place. You don’t want to jump in completely unprepared. Never expect to find a house and close on it immediately. Give yourself plenty of time to shop and make the right choices. There is no such thing as being too prepared. Buying a home might be the biggest investment you ever make. Make it a good one.
Author Bio: Rob Alley earned a bachelors degree at Virginia Tech, in Blacksburg, VA in Biology. Rob Alley consults with homeowners regarding Real Estate transactions and speciliazes in listing and selling Charlottesville Real Estate. Realtor/Owner of Virginia Real Estate Solutions at RE/MAX Assured Properties
Charlottesville Real Estate Experts
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