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For most people, a home is the largest purchase they’ll ever make. As many homeowners feel a strong sense of pride in making their property their own, the excitement of having a place to truly call their own is golden. Shorewest reports — six mistakes to avoid when buying a house:
1. Using the wrong real estate agent. Just because a friend of a friend’s sister got their real estate license doesn’t mean she’s the right agent for you. Shorewest has over 950 real estate agents throughout our 23 offices. Wherever you’re looking, there’s an agent that knows the local area and inventory.
2. Shopping before you get preapproved. Before you get serious about buying a house, find out how much you can afford to spend and get a preapproval letter from your lender. Contact Wisconsin Mortgage Corporation and see how much home you can afford.
3. Maxing out your spending power. Qualifying for a half-million dollar mortgage does not mean you should buy it. Homeowners have additional expenses such as property taxes, condo fees and maintenance that renters do not. Many first-time home buyers fail to budget for these extra costs. For unexpected situations, it’s good to keep some cash reserved. Dual-income couples choose to qualify based on just one income to give themselves a financial buffer.
4. Taking advice from outsiders. Parents, relatives or friends who haven’t bought property in the local market may not understand local pricing and market conditions. Parents or in-laws who own houses in the suburbs may also have unrealistic expectations about what the equivalent amount of money buys in the city. A Shorewest, REALTOR® knows the inventory and local area; we’re here to help you every step of the way.
5. Skipping the inspection. Home inspections can help alert potential buyers to problems such as structural issues, faulty wiring and other problems that probably aren’t easily noticeable. But if you’re in a market that moves quickly, you might be tempted to skip an inspection to make the offer more appealing. Your Shorewest REALTOR® will walk you through the process, find a home inspector and make sure you don’t forget anything on the list.
6. Getting too attached to one property. In competitive markets, you may have to put in offers on several properties before one is accepted. Some buyers get infatuated with one property that a rejected offer may hit them hard on the head.
A professional, experienced agent can make sure you avoid these mistakes when looking at purchasing your new home. Contact your Shorewest, REALTOR®, and they will help you through the process.
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