If you are in the market for a new home or rental property, here are a few things you should know about buying or renting a home. There are lots of common mistakes that homebuyers make as they are in a rush to close on a deal. These mistakes can actually greatly affect the quality of the home that you close on if you’re not careful. Here are a few things to look out for when you’re browsing the home buyer’s market today.
Not Seeing the House in Person
Today, many home buyers aren’t actually going to the home to look at the property in person before buying. While this may seem easier or more time effective, neglecting to see the house in person can raise many problems. No matter how realistic or accurate the posted photos of the house might seem, there are elements of the house that will always look different in real life. The owner might have even neglected to capture specific parts of the home, like broken elements in need of repairs, that you wouldn’t know about until you’d actually move in. According to Howard Hanna, it is important to do a walk-through of any property that you’re interested in buying so you know what you’re actually getting yourself into.
Waiving an Inspection
Another huge mistake that home buyers today make is waiving the home inspection that is usually expected when buying a home. This is a problem because inspectors are hired to find different kinds of damage, like water damage, that could have occurred on the property. This will be able to help you identify any issues occurring on the property that you would need to repair upon buying the home. According to J Bixler Inspections, an inspection can take several hours to complete, and you may want to be present for the inspection so you can take note of any issues. Being fully aware of the conditions of the property will help you to make the decision to buy the house or not.
Underestimating The Down Payment
One of the most unfortunate mistakes that homebuyers make is underestimating the down payment on the home. Usually, down payments can be anywhere from 5 percent to 20 percent of the entire home value, which can be quite a hefty bill for homebuyers to pay. If you anticipate that you’ll be looking to buy a home in the near future, try to save at least enough money for the average down payment of homes in your price range. According to BB&T, the more you can save for the down payment, the better because the more financially prepared you’ll be.
Now that you’re aware of these common mistakes that many homebuyers make in today’s market, try to avoid them. Remember how to successfully maneuver each of these challenges, as discussed in this article. If you take the time to view, inspect, and save for the home that you want to purchase, you’ll be a lot more successful in closing on the home of your dreams.