You’ve finally decided to take the leap into the real estate market and buy a home. Congratulations! Buying a home can be an overwhelming financial decision to make, but with an understanding of the process and the right people in your corner, you can successfully call yourself a homeowner in no time. Make sure you avoid these six mistakes along your journey.
1. Only Getting One Quote
Just like you should shop around for a house that’s the perfect fit, you should shop around for the lender that fits too. Don’t just take your family and friend’s advice on using their lender. Do your own research. Get at least three quotes to find the best rate that works for your specific situation.
2. Not Getting Pre-Approved Before You Shop
Don’t start shopping and fall in love with a home you can’t afford. Get pre-approved first so you know what kind of budget you’re working with.
3. Failing to Research the Neighborhood
You may find the home of your dreams, but is it in the neighborhood of your dreams? Be sure to research the surrounding amenities. Check out schools, places to shop, restaurants, and any other amenities that are important to your quality of life.
4. Not Evaluating Your Commute
Your commute from home to work may seem feasible when you type it into your GPS, but take some time to really get a feel for the commute. Take the drive during times you would normally be traveling. Your route might be filled with traffic jams or school zones that could slow you down or cause you to take a longer alternate route.
5. Failing to Include Repairs and Maintenance in Your Budget
If you were renting previously, you may be used to someone else taking care of leaky pipes or broken shingles. As a homeowner, those repairs are now on you. Even if you’re not moving into a fixer-upper, all homes will need a little TLC at some point. Make sure you have a plan and budget for when routine maintenance is needed.
6. Deciding to Waive the Home Inspection
The market is hot and moving rapidly. You may be tempted to waive the home inspection to win the house you’ve had your eye on. It’s not the best idea to skip this step of the process. Home inspections protect you from buying something you may regret later. It ensures that there are no underlying issues with the home that you’re unaware of before you officially move in.
Finding that special place to call home can be exciting. Avoiding these mistakes will take some of the stress out of the process. REIN.com has several tools to help you along your journey. Connect with one of our 8,000 agents to help you navigate the Hampton Roads real estate market. If it’s a question of what you can afford, check out our mortgage calculator to help estimate your monthly payments. For local listings you can trust, start with REIN.com.
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