3 Big Mistakes to Avoid While House Hunting and Best Tips for New Buyers

3 Big Mistakes to Avoid While House Hunting and Best Tips for New Buyers

Buying a house is a challenging yet exciting experience for new house hunters. However, experienced buyers believe that the process has many challenges, and there’s nothing excited. The place has to be the most fashionable neighborhood and must fit the buyer’s pocket. Moreover, it has to be safe and secure.

America is a country that takes pride in its economy. Earning a living is well in US, with only 5.5% of the population unemployed––rank among the top five countries for workforce productivity. In this article, we have highlighted a few mistakes that new house hunters usually make when searching for homes in America. No matter in which state you’re planning to reside, follow this guide to save your time and increase the chances of success.

House-Hunting Mistakes You Must Avoid

1. Don’t go alone

It can be tempting to search for a new house without a real estate agent. Home buyers think listings are all online then why not save the commission, right? This is the wrong approach, and you might end up spending too much on your dream property.

Why should you hire a realtor? An experienced realtor is an expert in dealing with homes on your local market. They have some insight that you might not have. Likewise, they have access to all available listings then what you’ll get online. They also know of high demand homes and whether it is the right time to invest in or not.

2. Your search is limited

Obviously, every new buyer has an ideal location in his or her mind when looking for homes. But being ignorant of geographical parameters means you’ll end up making a bad deal. Suppose you’re searching for homes for Sale in Charles Cove but have no idea that your chosen area comes in a flood zone, you may find yourself in trouble. 

This is another area where working with realtor is immensely helpful. He or she may be able to guide you about danger zones you hadn’t previously considered.

3. You’re too negative

First time home buyers say that it’s a home’s bones that count. That’s true! But are you giving too much importance to the face of the property like outdated kitchens and gaudy décor? We understand that aesthetics are highly personal, but not all homeowners have the exact tastes. Once you own a house, you can change it accordingly.

  • Look at the home’s value and NOT its decoration. That ugly wallpapers and carpets don’t matter to you.
  • Focus more on the size of the house, room layout, and room flow.
  • Focus on its floor plan.
  • Make sure bathrooms and kitchen are in good working condition.
  • Check if there’s any leakage. Never compromise on wet basements.
  • Look for a solid foundation. Old homes are more prone to cracks on walls. So, do not ignore that.
  • How’s the condition of electrical goods?
  • Examine roofing of the home.
  • See if the windows are sliding. What about the view?
  • Is there room for expansion?

You shouldn’t compromise on the major things, but you should try to have a positive mind when it comes to little details that can be changed with some new cabinetry or a new coat of paint. In short, you must reframe your attitude a bit.

Best House Hunting Tips

Being a new home buyer, you can reduce stress by following the steps given below.

1. Get pre-approved mortgage

The term pre-approved mortgage might be new for you because this is the first time you’re hunting for a home. It takes a little hard work, but it is essential for you. The point is when you attach your mortgage letter with your offer; the seller becomes confident that you’re an authentic buyer, and this makes the home selling process faster.

2. Set your budget

Even though you get a pre-approved mortgage, you should set a budget for other major expenses like home maintenance, insurance, utilities, property taxes, and homeowner’s association fees. Without estimating these additional expenses, you cannot afford to pay the monthly mortgage payment.

3. Find the best location

While searching for a home, you must narrow your search location wise. By deciding the area you would want to move in, you stay more focused, making your home buying process smoother and faster.  

Suppose, if you’re looking for apartments for rent in Chicago, we suggest you explore the best neighborhoods around that have the same amenities you want but are affordable. Condos and single-family homes are great for small family size.

4. Home inspection

When you decide to visit any property, go with your real estate agent. As he is experienced, he will check even minor details you might not notice. Moreover, we suggest you hire the best home inspector for the job.

You can also make a house inspection checklist and click pictures of the property. Note down the areas of improvement as it will help you make the final decision.

5. Negotiate till end

Negotiation is the key to success. To get your dream home at the best price, you must negotiate till end. It is natural that your seller will probably expect you to quote less but good negotiation skills will help you win the race. So, it would be best if you ask other experienced homeowners or your chosen realtor about the tips to closing the deal nicely. In short, it is the same as you shop for your car.

Best tips to negotiation

  • Get personal
  • Know your market
  • Get an inspection
  • Communicate through a trusted realtor
  • Check the selling price of all similar size homes sold in the neighborhood
  • Wait for the final deal.

6. Go Online

Did you know? Both buyers and sellers are suffering in this pandemic situation that is going around the world. Yes, we’re talking about COVID-19 which has affected many profitable industries, including real estate. 

Being a buyer, you need to visit personally at many places, but what if you search properties online? Yes, use of the online portal is at peak these days. Both buyers and sellers use that for their own purpose.

Learn to use these platforms, and try visiting every now and then, so you never miss any opportunity.

Now, we have discussed enough about home buying process. Shall we move on to the tips of interviewing real estate agents? If it’s your first time, follow the tips giving below.

Tips for finding the best Realtor

  • Ask for recommendations from family and friends
  • Look up agents website
  • Contact many real estate agencies––don’t stick with one  
  • Meet agents personally

Conclusion

America and its states have a lot to offer for their residents. From historical places to modern design homes, you will get all here. But to get your dream home, we advise you to prepare a house-hunting checklist and then begin the process.

Those buyers who begin the process unprepared face many difficulties compared to those who enter the market well-prepared. Ready to move on to your new home happily? Do not forget to share this article.