We all know someone who decided to buy a new home because of love at first sight. While you should love your new home, there are a lot of different factors you need to weigh before making the final decision. Now that we’re into summer, you may be on the hunt for your dream home. You never want to make a snap decision, only to realize later your dream home became a nightmare.
Here are some of the common mistakes new homeowners make and how to avoid them.
1. Not Inspecting the House
You’ve done the walkthrough and fell in love. It’s the house of your dreams, and you didn’t see anything that a little hard work wouldn’t fix. Surely hiring a professional inspector isn’t that important, right?
Unless you want to find out that the previous owners botched the insulation or missed a termite infestation, you should never skip the inspection. You should know before you close the sale what the house will need in the future, so you don’t end up with nasty surprises.
The bank preapproved your mortgage, and you’re all set with financing the house. You should be good to go right?
Well hold on; have you considered the property taxes, insurance, upkeep, and utilities? If you’re not 100% ready with the money for your new home, you’ll quickly find that the real cost is a lot higher than your monthly payment.
3. Making a Snap Decision
As much as you may love the house you’re touring, always remember that there’s a better deal somewhere. It’s perfectly fine to fall in love with a home, but always be prepared to walk away if you’re not absolutely prepared to accept the terms of the deal. Sometimes, this tactic may even convince the seller to renegotiate terms with you – the housing market is a lot like buying a used car; if you’re not prepared to walk away, the seller already won.
4. Not Compromising
The flip side of impulse buying is never compromising at all. It’s okay to have a checklist of amenities in your dream home, but you can’t expect a home to meet every box perfectly. The reality is, unless you’re building the home yourself, even the best house is missing a feature or two from your plan. Sometimes, you’ll just have to accept that the French doors are something you’ll have to install yourself.
Kris Powell is Fort Morgan’s premier real estate expert and can help turn your dream home into reality. To learn more, contact Kris today!