We’ve been receiving a lot of questions from homebuyers about what pitfalls and traps to avoid during their search. To prevent you from falling victim to these errors, today I’ll be diving into the three most common mistakes that homebuyers tend to make. The most common mistakes include:
1. Not understanding the “F” word—finances: Somewhere along the line, many homebuyers begin to focus more on the home they want instead of the payments they’ll be making. It’s important to know what your payment will look like, so we suggest consulting with a lender to better understand what your monthly costs will be and what homes you can afford. There’ll be variation regarding down payments, property taxes, and HOA fees, but your lender will clarify specific costs. Additionally, you should never take online mortgage calculators as fact; just use them as a rough estimate.
2. Falling in love with photos: Most agents hire professional photographers who edit everything you’ll see of the property online. The rooms may look bigger, and the upgrades may seem even better. In reality, though, the home may be completely different. It’s similar to online dating—someone’s photo may be so edited that you don’t even recognize them in person (it’s happened to me before). The best way to verify that what you see is true to life is to schedule a virtual or in-person tour of the home.
3. Not clarifying needs vs. wants: It’s a good idea to pin down what you absolutely need in a home compared to what you’d prefer. You may need a certain number of bedrooms and bathrooms or a big yard for a dog, but things like fancy flooring, marble countertops, and lavish bathtubs are just what a person may want. You don’t want to let a house that perfectly suits your needs go because it doesn’t have a chandelier, for example.
Those are the three things to look out for while shopping for a new home. There are many more buyers on the market today due to record-low interest rates, so if you’re in this category and are ready to begin your search, reach out to me. I look forward to hearing from you soon.