Buying a home is can be one of the biggest emotional investments for anyone. Often, people are looking to settle down and raise kids. They picture their prospective home with kids playing video games in the living room and chasing each other around the backyard. These emotions can cloud judgment, leading to ill-advised decisions. To stop this from happening, buyers need to realize what is happening and to learn common mistakes from other buyers.
1. Prioritize home features over location
Many buyers can find a list of home features they believe will give them a lifetime of happiness. This is where buyers run into problems. Choosing a big home with many features over its location can lead to stress loneliness, and unhappiness when the home is far from friends, family, and work. Instead of comparing the physical features of the home, buyers need to consider how the home with shape their social relationships.
2. Getting swept up in positives and ignoring the negatives.
When homebuyers come across a place that seems to have everything on their list, they tend to look past the negatives. While this is a good idea for certain things, not to be too picky, it can also lead to trouble. If the buyer is so wowed by the kitchen that they ignored all the structural repairs the home needs that they can afford, then the kitchen is not worth it. It’s important to think logically about the home if it is a sound investment or will it cost too much.
3. Lowballing the seller
The home buyer also needs to remember that the seller selling the home also has a lot of emotional connections. They may be selling a home with many fond memories and putting in an offer that is way under asking price may offend the seller, causing them to reject your offer completely. It’s ok to negotiate a fair price, but be careful you’re not going too low. It’s best to work with an experienced real estate agent that can advise you on the proper offer and negotiations.
4. Forgetting all the costs
It is easy for homebuyers to get caught up in the finances of the initial down payment, closing costs and the monthly mortgage payments and forget about the moving costs and the other monthly payments that come with owning a home. Buyers should be prepared to buy a home with enough money leftover to cover repairs, moving expense, furnishing, and other costs that come with moving into a new home.