10 Things to Avoid When Purchasing a Home

You May Be Surprised by What Not to Do

Purchasing a new home is one of the most exciting events in a person’s life, but there are complicated steps involved that can draw things out for many months, leaving people confused and frustrated. Because buying property can be such a stressful course to navigate, you must become familiar with common issues that can pop up during this time.

Like most Americans, you should hire a knowledgeable realtor to help you through the home buying process and clear up any confusion. However, there are common missteps a potential buyer can make that are important to avoid during the purchase.

Below are examples of physical issues to look out for when shopping for property and choices you can avoid during the buying process.

Don’t Rush on a Property Because of a Time Crunch

Needing to move out of your home soon can add pressure to your property buying experience, but don’t let that impact what type of place you settle for. Perhaps booking an Airbnb for a month or two is a better option than immediately jumping on the first home to give yourself a chance to see more neighborhoods. It’s never a good feeling to purchase a home you then regret living in.

 Avoid Homes That Need too Much Renovation

Buying a fixer-upper is a dream for many, but remember that big renovation projects can quickly turn into second full-time jobs. Unless you’re willing to devote all your time and resources to fixing up an older home, don’t expect easy fixes or being able to move in for a long time.

 Don’t Pass on a Home With Smaller Fixes

Conversely, don’t pass on a home with lots of minor fixes. Maybe you don’t love the paint colors, or some areas need new light fixtures. You can easily change the smaller issues, turning the property into a home you love.

 Don’t Fall for the Pretty Investor Flips

There is a big market these days for buying older homes and having investors flip them quickly. They’re easy to spot– granite countertops, subway tile along the bathrooms, and a standard but impersonal home feel. While they look nice and trendy on the outside, be weary of these properties– they can hide significant physical issues with flashy finishes. If you like an investor-flipped property, do a deep inspection beforehand.

Don’t Forget to Get Pre-approved for a Mortgage

The housing market is competitive, and getting a leg up wherever possible can make a big difference. Getting pre-approved for a mortgage tells the sellers that you are serious about making an offer, have the funds, and can make the process move much faster. Remember that it can take several weeks to pass pre-approval, so it’s best to get that out of the way before you start shopping.

Don’t Purchase a Home You Can’t Afford

It can be exciting to get a high mortgage offer from the bank, and the houses in that range may be nicer, but ask yourself if you can afford it. A higher mortgage can equal higher monthly payments as well as interest rates. Keep this in mind when you consider your other monthly bills, too– you may fall behind, and getting a cheaper home could mean a more manageable financial life.

 Don’t Pay for a Cheap Inspector

You can cut costs in some areas, but skimping on a home inspection is not one of them. This is one of the most important steps when purchasing a home, and you could be surprised by what they discover. Just because a house is newly built doesn’t mean it can’t have glaring issues under the surface.

Don’t Withhold Information From Your Real Estate Agent or Mortgage Lender

Your real estate agent and lender want to help you get the best deals by keeping your interests in mind. If you try to hide crucial personal information, especially about your financial history, this could end up hurting you in the long run. Maybe you’re embarrassed about late bills or losing a job when applying for a mortgage. However, your agent can’t help you through it without knowing first!

Don’t Change Jobs

While you should always be upfront about your life circumstances, it’s also not a good idea to make many significant changes when purchasing a home. Having an employment history of at least two years can tell the lenders that you will be capable of paying off the principal and interest on a mortgage. Changing careers during this time could signal red flags to the sellers or lenders, which can complicate the home-buying process.

Avoid Floodplains

Learn about the history of a property when shopping around! Is it in an area prone to flooding? Has it experienced significant water damage in the past? These things may not come up during the tour but are essential to ask before making an offer. Avoiding a house in a floodplain could save you time and money later on.

Get Started On Your Home Buying Journey Today

Buying a home is one of the most important decisions a person can make. Keeping this list of issues to avoid in mind can save you unnecessary stress or frustration. If you’re an interested buyer, contact this Realtor in Encinitas- Linda Moore– for more information about what to avoid when purchasing a home!