Buying a house is not a simple task. It is a massive investment, after all. Careful choosing is essential to ensure that your money won’t go to waste.
Part of the process is understanding your current needs and projecting your future growth with your family. You will also have to assess the location of the house, its size, design, and other matters that are related to real estate standards.
Because of this, it is not surprising anymore that house hunting can take several months. This duration allows people to weigh their options and hopefully get the best one.
If you are a house hunter, you have to ensure that you can guarantee that you are getting the best deal out of your money. To do this, you have to avoid first the following house-hunting mistakes.
Not Getting A Real Estate Agent
Buying a home is stressful, no matter how simple the process may seem. The thought of getting a mortgage, moving your family (hopefully to a new neighborhood, if you’re a first-time homebuyer), and figuring out how to maintain your new home is enough to make anyone tired. At this point, it is a grave mistake that you don’t have a real estate agent.
Real estate agents are experts when it comes to houses and property purchases. They are the best guys in the field, so they practically know the ins and outs. They can help you narrow your selection based on your budget and preferences. If you do the house hunting by yourself, things would really be difficult. After all, you will start from scratch. You’ll miss the best options, and you are at risk of buying overpriced houses.
Of course, setting your ideal location is one of the essential aspects of house hunting. All of us have our desired place where we should live together with our family. This causes people to narrow their searches. That’s completely alright. However, you should never be too stringent when it comes to your geographical restrictions. After all, this will cause you to miss some deals from other plausible locations.
The wider your search scope is, the more offers that you can see. Always be willing to go beyond your “comfort zone” because your future house might be lying outside your preferred location. You should start looking for more neighborhood, town, or state. You may get surprised that there are real estate properties that provide better access to your workplace, school, or other essential facilities.
Interestingly, a real estate agent can help you with this matter. They can become your guide to other housing options outside your scope bubble. They can recommend you opportunities that you have never thought of before.
Not Being Aware Of What You Can Afford
It is commonplace that people have their “love at first sight” when it comes to houses and real estate properties. Once you have set your eyes on a particular unit, it is hard to remove your attention to it.
But then again, you have to accept the fact that your desired property or location can be above your pay grade. If you keep on pursuing it, you might have difficulties in reaching it, especially if your income or financial assets are not enough. At this point, it is essential that you can keep your temptation in check. Instead, you have to get housing options that are within your realistic price range. In this way, you will no longer have to risk yourself loaning or borrowing excessively.
In buying houses, it is tantamount that you start at the lowest price range. If you can find a unit that satisfies you within that category, there’s no need for you to spend bigger. Don’t start at the highest.
Ignoring Mortgage Pre-Approval
Skipping the pre-approval process is a big mistake and one that many homebuyers make. You might think you don’t need to get pre-approved because you’re sure you’ll get a mortgage, but what if you don’t qualify for enough on your mortgage to pay for the home you want?
What if your interest rates are too high? What if your house hunt takes longer than you plan? What if you don’t like a home you thought was perfect?
There are plenty of reasons why skipping pre-approval can cost you time, effort, and money. So, if you’re planning to buy a home within the next few months, don’t skip the pre-approval process.
As mortgage expert Dana Anspach said, “A pre-approval is not just a free pass to go ahead and get a mortgage. In fact, it’s the opposite. Getting pre-approved will increase your chances of getting a loan by ten times.”