Buying a house is a huge investment, which is why it so important to avoid the huge mistakes that could potentially come with it.
To guide you in the right direction, here are five of the most common mistakes homebuyers are making in this market and how you can steer clear from each of them.
Don’t overspend. One of the biggest missteps right now for buyers is stretching their budget further than they should. Instead of jumping headfirst into buying more house than you can afford, focus first on financial planning, such as comparing different lenders and mortgage options to find the best interest rates and fees. Just because you can qualify for a $450,000 loan, doesn’t mean you can afford the monthly payments, home insurance, and rising taxes that come with it. Also, don’t use all of your savings toward the down payment; buffer some room for closing costs or any other unexpected expenses.
Don’t time the market. Meaning, the real estate market is so unpredictable that it is risky for buyers to wait for home listing prices or mortgage rates to drop. Factors, such as employment/job reports or a presidential election, could impact the market, so if you find a house you’ve fallen in love in with and it’s within budget, make an offer. At the same time, don’t rush; follow the advice from the tip above and thoroughly research properties and financing options before you make a firm decision. During this research period, you also need to consider your future needs and lifestyle change, as well as your desired neighborhood, when it comes to the home you are looking for
Don’t skip the home inspection! A huge mistake to make in the homebuying process would to skip the home inspection. It is vital to have a professional thoroughly inspect the property, including HVAC systems, to identify potential problems before buying.
Don’t miss out on valuable assistance programs. Because homebuyers face closing costs, a down payment, and more fees, you don’t want to miss out on programs that exist to help you cut costs. Unfortunately, nearly 80 percent of first-time homebuyers qualify for a down payment assistance program, but only 13 percent take advantage of one. Whether you are buying your first home or your fifth, lean on a lender to discuss your options.
Don’t connect with the wrong real estate agent. This is probably the biggest mistake. You need to be able to rely on a trusted real estate agent with the expertise and knowledge to help you avoid all of these costly mistakes.
Connect with Paige Bird, a successful local real estate agent who has worked for 20 years in the Myrtle Beach area real estate market. During her tenure, she assisted more than 2,200 families in their home-buying and selling journeys. Paige is renowned for her extensive experience and commitment to high ethical standards, which uniquely positions her as the go-to agent for those looking to achieve their 2024 real estate goals.
Download the Paige Bird app free in the App Store or Google Play today!
For a free consultation with Paige, contact her today at 843.450.4773.
You can also follow her on Facebook and Instagram for all the latest real estate trends.
