Buying a home is a life-changing decision that involves a lot of time and consideration. Throughout the buying process, it is possible for homebuyers to feel overwhelmed or to get distracted along the way. On top of that, it is also an emotional process. This is especially true for first-time homebuyers. It can be easy for most to commit mistakes and possibly not end up with the property that they really want. This is why it is important for homebuyers to be aware of the common pitfalls most commit when trying to find the home of their dreams.
In this article, we list the common pitfalls homebuyers make when buying a home. Hopefully, through this article, you can avoid these pitfalls and have a great buying experience.
#1 Not having a working budget
One of the most common pitfalls homebuyers fall for is not having a working budget. Most buyers simply rely on their accountants or their banks to tell them their budget. But in reality, just because the banks tell you that you can afford it doesn’t mean that it’s the right budget for you. This is simply because, at the end of the day, you’re the only person who can know the amount that you’re comfortable with spending. On top of that, you have a clearer picture of your monthly bills and your living expenses. You have to remember that on top of paying your mortgage, you still have a long list of monthly bills that you have to keep up with; take those into consideration when setting your budget.
Moreover, setting a working and clear budget can help you eliminate a number of listings right from the get-go. Again, buying a home can be highly emotional, one can easily get carried away with stunning properties. If you don’t have a clear working budget, you might end up buying a home that you can’t afford.
#2 Getting distracted by shiny objects
Another pitfall that homebuyers can commit is getting distracted by shiny objects. Shiny objects can be anything from the interior, the furniture, the overall design of a home. Although noticing these details is great to see the potential of a home, it can also distract the buyer from focusing on the quality of the property.
Instead of solely focusing on what the property looks like when it’s all dressed up, a homebuyer must first focus on the foundation of the property. Inspect the property thoroughly. Check if the integral structure of the property is still in good condition. Look for issues that can cause major problems in the future or might need repairing. A home can easily be made up to attract buyers, but it’s the quality of a home that buyers must focus on.
#3 Shopping without an agent
If you’re a serious homebuyer, you need an agent. The pros of having an agent definitely outweigh the cons. It does not matter how well-versed you are in your finances or even in real estate, you need an agent. Buyers who shop around without an agent typically end up paying more for the property than they would have if they have hired an agent. Skipping on hiring an agent to save money on their fees is not worth can only work to your disadvantage in the long run.
#4 Focusing on finding the perfect home
It is normal for homeowners to create a checklist of the things that they’re looking for, that dream home. Everybody wants to find their perfect home, but focusing too much on finding the perfect home can be your downfall. When shopping around, you might find a good property that checks most of the boxes on your checklist but it’s missing an item or two. Don’t immediately rule out this property. The reality is, your perfect home might not exist at all.
If you hold out for too long, trying to find a home that checks all of your boxes, you might be foregoing your chances of buying a great property. As long as there are more checks than misses, you should definitely take that into consideration. Conversely, you must also not rush into making a decision. As much as you shouldn’t wait for the perfect property, you must also put in the time to shop around.
#5 Buying when still in doubt
The last pitfall we’ll be discussing is buying a home you’re still unsure about. It cannot be emphasized enough how big of a decision and commitment buying a home is. If after ample consideration, there are still things you’re worried about a property, it’s probably not the right property for you.