The median price for a house in the United States is currency $350,300. With house prices so high, there’s a lot at stake if you make any of the common house buying errors.
To ensure that the biggest investment you’ll likely make is a successful one, you need a solid house-hunting strategy so that you can land the home of your dreams with minimal stress.
But what do you need to avoid when buying a house?
In this guide, we’ll take a look at six of the biggest mistakes homebuyers make.
Table of Contents
1. Not Getting Mortgage Pre-Approval
While you don’t necessarily need to be pre-approved for a mortgage, it certainly helps. By finding out exactly how much you can borrow and getting an in-principle agreement in place, you can put in an offer on a house safe in the knowledge you’ll actually be able to afford it.
All too often, buyers overestimate how much they can borrow and end up disappointed when their mortgage application is declined.
2. Buying the First House You See
Buying a property is exciting and it’s easy to get carried away. Before putting in an offer on a house, make sure you know what else is out there. Searching for houses online is a good start.
Book as many viewings as close together as possible and start comparing house prices. This will give you a better idea of whether you’re buying the house that’s best for you, for a great price.
3. Offering Too Much
In a competitive housing market, it’s easy to get caught in a bidding war. Before the house was listed on the market, it’s likely a real estate appraiser will have determined its true value. Don’t stray too high from the list price, or you may end up paying more than the home’s worth.
4. Forgetting About Closing Costs
There are lots of additional charges associated with closing including agents’ fees, removal costs, and property taxes. In addition to this, you may need to think about factoring in the costs of any immediate essential property repairs or decorations.
5. Buying Based on Style
When you look at a home, don’t just think about the decor. This can easily be changed to your taste. Instead, focus on making sure the property is structurally sound. Problems with the building itself could end up being very costly in the future.
6. Skipping the Home Inspection
You may feel as though a home inspection is an unnecessary cost. It’s not. A home inspection can uncover serious problems with a property that may alert you to the need to cancel the purchase. Don’t skip this step.
Common House Buying Errors
We’d all like to assume a house purchase will go smoothly, but the fact is they don’t always go that way. By avoiding common house buying errors, you can be sure your financial decisions about the purchase are good.
Check out the lifestyle section of the site for more great home-related articles.
By avoiding common house buying errors, you can be sure your financial decisions about the purchase are good.
Check out the lifestyle section of the site for more great home-related articles.
