Are you buying a home? Don’t put yourself through the heartbreak of missing out on your dream home. Here are a few of the most common ways buyers lose their way. Believe me when I tell you that this advice will save you time, money and tears!
1. The first, and possibly worst, mistake you can make as a buyer is not getting a pre-approval early enough. You might want to take the house hunt slow, but what if you find your dream home? Housing inventory is low and it’s a competitive market. You don’t want to see your perfect home go to another buyer overnight while you’re waiting on a pre-approval.
2. Once you’re ready to house hunt, I encourage you to find one Realtor you’re comfortable house hunting with. You don’t need to schedule separate appointments with a dozen Realtors at a dozen homes. Get the concierge level experience by touring, comparing & contrasting with one trusted adviser.
3. Not using your imagination can cost you. Your dream home might be disguised behind ugly furniture, an enormous amount of clutter and violently purple walls in every room, but that’s all surface stuff. Compare the cost of a similar, but immaculate, home to the price of the updates you’d be shelling out for. Using your imagination could save you thousands on the house price!
4. Don’t just look at the home while you’re house hunting. Look at the whole neighborhood. If you buy the biggest house on the street, your new home’s value will be compromised by your more modest neighbors. No house is an island and everything from schools to future development plans will affect the re-sale value down the road.
5. Once you’re pre-approved and have found your home, be careful with your spending right up ‘til closing day. Your mortgage can be jeopardized by anything that changes your debt to credit ratio. A car loan, major appliance purchases for your new home or even co-signing a loan for someone else all count. Keep your debt to credit ratio steady & try to keep your cash savings intact as well.