Buying a home is a process full of excitement, but also quite a complex task. Even though this is most likely the biggest financial decision people ever make, many buyers still have no idea how to make a good purchase. And, you can’t really blame them when you consider the fact that most of the time, sellers hold all the power. Luckily, there are still some common house-buying mistakes you can keep in mind and avoid at all cost.
Not doing research
First, you need to understand your finances, and then you need to study your family’s needs. A smart home buyer will always do their homework before even looking at any listings. Study everything from the city’s best locations to architecture trends and market fluctuations to ensure the best results.
Not budgeting well
If you don’t know how much expenses you can afford, you’re practically wasting time house hunting. If you don’t have a clear budget in mind, you will waste time looking at all the wrong listings. If you’re a first-time homebuyer, your goal should be to invest in a house and get a loan with monthly payments that are comfortable for you to pay off. Oftentimes, it’s better to aim a little lower instead of risking staying up all night thinking about your financial issues.
Neglecting the location
Finding a home in a good location will bring you closer to good job opportunities, good schools, public transportation and various other activities that you might wish to enjoy as an individual or a family. So, make sure to pick a good location before you even start looking for properties. While buying a home in these more desirable and accessible locations can be expensive, especially in well-developed countries like Australia which is experiencing a housing craze, you can still find attractive properties if you look well. Check out family houses for sale Wellington Point and you’ll see that they are not only quite affordable when you consider the location, but are also individually designed to fit the buyers’ needs. Only about 20 kilometers from Brisbane, this area is perfect for raising a family and striking a healthy balance between city and suburban life. If you manage to find a property in such a location, don’t hesitate to fight for it!
Not working with professionals
Even though you can get plenty of accurate and practical tips online, seeking advice from professionals is still crucial. An experienced realtor will educate you on the home buying process, give consultations, recommend attorneys and give tips on down payments. Plus, someone local can give you the best insight into the neighborhood and its vibe. And, oftentimes, respected realtors get access to listings even before they go on the market, so you can check it out first.
Overlooking red flags
Sometimes buyers can’t see past the aesthetic appearance of the home which can be very problematic. Some homes are beautifully updated with new finishes, fixtures and decoration, but that’s all eye candy. If you get to distracted by aesthetic details, you can totally miss major points that can’t be changed in the future (location, yard size, view). You can also take the opposite approach and totally write off a house with good bones and location just because it’s in need of some cosmetic touch-ups.
Being too emotional
Buying a house needs to be treated like a business investment. If you fall in love with a property and you’re too emotionally invested, you will most likely end up overpaying. This can later lead to buyer’s remorse and feelings of being played. The entire process of buying a property is very emotional and stressful, so you definitely need someone (like a realtor) to keep you firmly on the ground.
Multitasking with purchases
Buying a house is a huge expense, so make sure you’re completely focused on it. This is not the best time to add shopping for a car, buying furniture and opening any new credit cards. All of these additional actions can affect your credit score and impact pre-approvals, mortgage approvals and create a lot of mess. In extreme cases, it can even delay your closing. Once you finish your house purchase, you can shift your focus on the next investment.
If you stay away from these common mistakes, you can stop the cycle of bad house purchasing decisions and end up with a purchase you won’t regret.