What To Avoid When Buying a House
Having a home is undoubtedly the most rewarding achievement one could ever experience, and it is probably the most expensive purchase one, or even a whole family, will ever make in their lifetime. It is a huge leap of a responsibility for any new homeowner.That's why mistakes should be avoided at all costs, but unfortunately, mistakes will happen. If you're about to make the plunge and buy a house, here are things you should avoid doing.
Avoid making unnecessary purchases
A new home is a large purchase, so in the meantime, focus only on the house. If your hands are itching to make purchases for your new home, it’s better to postpone those purchases until you've been pre-approved for a loan. Keep in mind that any financial acquisitions or debt will reflect on your financial report and could cost you your loan. Try to keep cash on hand, as it might be needed in some aspects of the process such as a home inspection or minor necessary repairs.
Avoid just walking through the house
While the initial appeal of the house may be enough to make you fall in love, it’s important to inspect every nook and cranny of your potential new home. This is no time to be timid. Ask the seller outright if the property had been inspected by a legitimate home inspector. If the home has been inspected, ask to see the inspection report and double check any areas that were mentioned.
Being a meticulous buyer is understandable and necessary, as you'll be investing a huge chunk of your savings into the house, not to mention you are planning to live there for some time. Also, it's better to be safe than to find out what a nightmare of a purchase you've made.
Avoid being overly emotive
Yes, homebuying is an exciting experience, and sometimes the emotions can be overwhelming, especially if a buyer has finally found his or her ideal home.Unfortunately, emotions can prevent a home buyer from making sensible decisions. Oftentimes, those who get easily attached to a house overlook potential problems that could cause them thousands in expenses later on.
Avoid buying a house you can't afford
Buying a house you can actually afford sounds simple, but more often than not budgets can get out of hand when negotiating for your new home. That's why it’s a good idea to enlist the help of a licensed representative or a real estate agent to assist you in the process. Remember, when you buy a home, you need to be able to pay monthly mortgage and interest, as well as property taxes, home insurance, maintenance, utilities, and any other expenses that may arise.
Avoid handing out your down payment to the seller
Any earnest money you have acquired should be put in a safe place. In some cases, homebuyers have given the money directly to the seller due to sheer excitement over buying their dream home, or a lack of real estate representation on the seller’s side. Whatever the case may be, it’s important to keep your earnest money safe so you won’t end up spending it inappropriately or losing it altogether.