There are few joys in the world as great as getting your very own home, whether it’s your first, second, or so on. However, it is also likely one of the larger purchases you will make in your life, and thus requires research and understanding before you make a decision. Here at Scott Midgette, Outer Banks Realtor, we have been in the home buying and selling industry for years — and we thought we would go over some of the more common home buying mistakes and pitfalls for your convenience.
Committing to a home when you may move
When buying a home, it is best to think long term. All too often, people will move from their home mere years after they move in, and take a huge loss on it. It takes a long time for a home to appreciate in value, so make sure that you can stick it out until then. Alternatively, there are also options of renting out your property once your move, and even making regular and substantial profit off of it, but that will likely require hiring on property management services.
Going over budget
We all get carried away, it is only human. But a house is too big of a purchase to go over budget on, there just simply won’t be any other comparable items for you to balance our your deficit. One of the best ways to avoid this pitfall is to get pre-approved on your mortgage. This will give you some great information about what is realistically your upper limit on the purchase, and will have the added benefit of making you look more serious to realtors and potential sellers.
Trusting online information
How amazing is it that all of the world’s information is at the end of our fingertips? Well, it can come with some pitfalls; it is not necessarily the right information. The best way to avoid falling for online mistakes or ruses is to hire a professional realtor. It may seem like an added cost, but in the end you are going to get many more options than you would otherwise, as well as peace of mind that your search is being assisted by a professional.
Skipping the inspection
The last thing that you ever want to do when potentially hundreds of thousands of dollars are at stake, is to trust things to luck or someone’s word. When it comes to getting your home inspection done, don’t miss your chance to find out any issues in a house that will bite you later on down the road. The price for a home inspection (maybe $500-1,000) pales in comparison to the price of costly home repairs.
Avoid these major pitfalls, and you can save yourself a lot of pain and hassle. If you are looking for a realtor in the Outer Banks to help you with your search in buying a house, call me, Scott Midgette, Outer Banks Realtor. I’ll work with you to find a home that suits your needs.