Avoid these six buyer mistakes to ensure your home purchase goes smoothly.
What should you never, ever do when buying a home? In 19 years of helping people buy and sell houses, you start to see patterns; when people make mistakes in the purchase process, it can cost them a lot, both emotionally and financially. Here are six mistakes to avoid when buying a home:
1. Don’t shop for homes without an agent. In Pennsylvania, you’re entitled to a buyer’s agent, and that wasn’t always the case. Interview a couple of real estate agents and choose one you connect with who can be your advocate throughout the process.
2. Don’t meet with just one mortgage lender. Just as you’re interviewing a few agents, also interview a couple of lenders. Different lenders will have different programs and rates. Find one you can trust who will sit down with you, explain things, and answer all your questions.
3. Don’t under or overstate your budget. Understating your budget could keep houses that you may love off your radar, and overstating could make you house poor. It’s incredibly stressful to be locked into a 30-year mortgage that isn’t truly affordable for you.
“When people make mistakes in the purchase process, it can cost them a lot.”
4. Don’t make lowball offers. Especially in our current market when inventory is low, you need to be prepared to make a competitive offer because sellers are receiving many right now.
5. Budget for closing costs. Don’t forget about this; speak with your agent and lender about what these will cost. They will include taxes, insurance, lender and appraisal fees, etc.
6. Don’t make big purchases. Don’t buy expensive items between the time you go under contract and closing. Your credit will be reviewed multiple times, and if they see large purchases, it can sometimes prevent you from closing on time.
If you have questions about the home buying process or know someone who does, reach out via phone or email. We’ll follow up and take great care of you.