Shopping for your first home is an exciting time of finding a house with all the features you want. However, it is easy for new homebuyers to make common mistakes that could lead to a disappointing purchase or cause them to pay more than planned. Here are five things to be aware of when looking at a home to buy.
Home Inspection
A professional home inspection could save thousands of dollars in house repairs and could keep you from paying more than the property is worth. Home inspectors will do a thorough evaluation of the property from top to bottom and outside as well as inside. Photos are usually taken as evidence of problems like roof leaks, water damage, or termite infestations. Although the fee varies, you can often get a high-quality inspection for between $150 and $500 depending on the size, location, and complexity of the property. The information could protect you from buying a home with hidden problems that will be expensive to repair. Shoppers who skip the inspection often wish later they had gotten one.
Real Estate Agent Assistance
Often homebuyers try to save money by
searching for and buying a home on their own, without the assistance of a real estate agent. While this is an option, a good real estate agent can be a huge help in finding the best homes. They often have networks with other agents, so they can find you homes that match your needs but that might be difficult to find with a simple internet search. Your Realtor will also help you negotiate when you make an offer on the house. They can help protect you as the buyer by doing things like getting the owner to make repairs the house might need.
In addition to helping you find and view properties for sale, a real estate agent can do much more to find important information about the house and location that you are interested in. The real estate rep can also obtain utility information if you wish, so don’t overlook this valuable resource as other homebuyers have.
When choosing a Realtor don’t choose the same one that is listing the home you are interested in. The listing agent is required by law to have the seller’s interests at heart. If your state allows it you should hire a “buyer’s agent” who will put your interests ahead of the seller’s interests.
Falling in Love With Appearance
Don’t become so enamored of a property’s cosmetic appearance that you fail to check its structure, foundation, and intrinsic features. These are more important for the home’s stability and value than the wall color, the hardwood flooring, or the beautiful backsplash. Make sure the layout will work for your family. Have the inspector check that there are no structural problems. While many problems are fixable with renovation, structural problems can get expensive fast. Buyers who focus only on cosmetics may later have regrets.
Don’t Assume You Can DIY Needed Repairs
If you are confident about your ability, time, and equipment availability to do needed repairs, that’s great. But if you don’t know the actual cost and time that will be required, get professional estimates before buying the property. Some buyers learn only after buying a home that they had to hire experts instead of doing the work themselves, which added to the overall cost of buying the house.
Don’t Automatically Pay Asking Price
When you’re ready to make an offer on a house, don’t just readily pay the asking price. If it’s a popular property, you may have to offer more. If the property needs work, you may be able to offer less. Your real estate agent can advise you on what to offer.
Buying your first home is exciting, but don’t let your eagerness overwhelm you. Beware of these common challenges that confuse many first-time buyers. To get the best deal for the home of your choice, do your homework and be prepared.
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