Here is the truth: buying a home is an emotional process. If you let your emotions get the best of you, you may end up making big financial mistakes that has far-reaching implications well into your future. Ideally, you will have your emotions in check in order to buy a home at a price that you can afford. Check out the top house-hunting mistakes below and do not let them prevent you from achieving your dream in the right way.
1. Not being realistic
Important: do not even visit houses that you cannot afford. Once you have fallen in love with a place, it is hard to go back. Avoid the heartbreak and financial problems by restricting yourself to properties that fit well into your financial neighborhood. Even better, start your search at the low end of your price range. If what you find there satisfies you, there is no need to go higher.
2. Overlooking important flaws
There is sense in looking for homes whose full potential has yet to be realized. The bump in equity from your upgrades will help you to move up the property ladder. Just be careful and do not pick a fixer-upper worth more than you can handle in terms of time, money, or your own ability.
3. Overlooking the neighborhood
The surrounding area is part of the house that you are buying. While it is impossible to predict the future of your neighborhood, it is important to know what it is like to avoid pleasant surprises. Below are some key questions that you must answer:
Are home values in the neighborhood rising or declining?
What is likely to get built in undeveloped areas around?
Will your street become a major street or rush-hour shortcut?
What are the zoning laws in the area?
4. Taking too long to make an offer
Rushing is not good, but losing out on a property that you were almost ready to make an offer on because someone beat you to it can be heartbreaking. Make a careful decision but do not drag your feet! Remember, time is money. If you do not make an offer quickly enough, someone else will and you will have to spend your time looking for more. It is a house hunting mistake you are better off avoiding.