Top Mistakes Homebuyers Make
Top mistakes homebuyers make
Buying a home is no simple process. Mistakes are often made at many steps along the way. If you’re better prepared for these mistakes then you’ll be able to bounce back from them or even avoid them. Understanding the top mistakes homebuyers make will make you a better homebuyer for the future. Not only will you see where others had downfalls at but you’ll also see how you can apply the changes to your own life and get the home you want without worrying about any pitfalls.
Not going to an open house
The first common mistake homebuyers make is not going to any open houses. Yes, you can schedule a visit to see the home with the real estate agent but an open house gives you a chance to connect with the homeowner and listen to questions that other people had about the house you’re viewing. There could be questions that you wanted to ask or never thought about asking being answered at an open house so it’s always best to attend them when you can. Also, these situations are low pressure so you’ll never have to worry about getting singled out or forced into anything you don’t want to do. You’ll be able to see the entire house on the inside and outside by attending an open house.
Not asking if a price can be lowered
Most homeowners who want to sell their home will listen to negotiations from buyers about the price of their home. These negotiations might be simple like removing certain selling costs from buyers or dropping down the overall asking price. However, a homeowner will never get to this point if buyers don’t ask about it first. It’s one of the top mistakes homebuyers make because they get to timid to ask about a reduction in the price of a home. Most of the time, homebuyers are selling their houses for much more than they paid for them. If it doesn’t sell in a certain amount of time, the seller will start to gradually reduce their price. If you notice a home that’s been on the market for a while, asking for a reduction in the asking price is well within your right as a buyer. The owner doesn’t have to say yes but it will give them something to think about. As a buyer, you’ll never know if you’ll truly get the best price of a home if you don’t ask so it’s best to walk into these situations with confidence and negotiate the pricing when you can.
Buying a home they can’t afford
Even though many banks look at a homebuyer’s income and debt before they approve a loan for a home, sometimes they approve loans to people who can just barely afford to make the payments. These homeowners have bitten off a little more than they can chew by buying a house they can just barely afford. This means all of their assets will be going into the house and if anything ever goes wrong they might lose their house. As a home buyer, don’t buy houses that are too close to your spending limit. Always leave a little room between your monthly home budget and how much you’ll actually have to pay.