How Do You Avoid Common Mistakes When Buying a New Home?

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There are five steps you can take to avoid common mistakes when buying a new house:

1. Be realistic. Hedge your expectations properly. If you have, for example, a 4,000 sq. ft. home and are looking to move into a 1,500 sq ft home, you might not be able to fit your lifestyle in there if you’re used to the larger area. On the flipside, if you’re coming from a smaller level and looking to get a bigger home, your dreams and your pocketbook may not match. Don’t look at facts and figures through rose-colored glasses.
2. Fix your current home. If there are things to fix, make sure you fix them so that potential buyers looking at the home will see it at its best. You’ll save money in the long run by doing it yourself first rather than waiting for the buyer to ask for repairs to be done during negotiations.
3. Sell your current home before you buy a new one. I see this a lot. People get very excited about the idea of buying a new home. Often when they find the one they want, they go ahead and make an offer while their old home is still sitting there unsold. This means that if their offer is accepted, they could be stuck paying two mortgages simultaneously. Get a contract for your old home before you get a contract for your new one.
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4. Get pre-approved. If you’re serious about looking for a new home, you need to meet with a lender and get a pre-qualification form. It doesn’t cost anything or obligate you to something you don’t want to do. All it does is act as a guarantee that you can financially cover any offer you make. A seller will look more favorably on a buyer who has one than one who doesn’t.
5. Work closely with your agent. Between the lenders, title companies, agents, inspectors, etc., a lot of coordination goes into the homebuying process. The more people you involve, the more complicated it gets. The key thing is to find an agent you can deal with so they can help you through all the steps. It’s our job, after all.

Remember, you’re not just buying a house, you’re buying the amenities too. You’re buying a lifestyle. If I can be any further help, shoot me an email or give me a call.