Buying a house for the first time is a defining moment in your life. On one hand, the process is very exciting, such as visiting open houses, checking the features, and dreaming that how you can make the property truly your home. On the other hand, it can also be a little bit complex due to the down payment, escrow, the mortgage process, and closing. These are enough to put the buyer under immense stress.
This is where an Orlando realtor comes in. As a certified professional, they can help you deal with the complexities so that your home buying process goes smoothly. However, sometimes a buyer makes poor decisions in emotional haste and feels the consequences later when they are making the monthly payments.
Here are five common mistakes that realtors wish homebuyers knew when buying a house:
1. Making a Lowball Offer
A lowball offer refers to the act of pacing an offer that is way too below the asking price. This creates two problems: the seller denies the offer because they feel insulted, and you push yourself out of the bidding game before it even has begun.
2. Getting Caught in the “Flashy” Details
Sometimes, a home is botoxed to look pretty, i.e., too many luxury features are added to it to hide its dark details. You might be impressed with the swimming pool in the back, but it might distract you from asking about the usage of water and drainage that presents a huge problem. Inspect every important aspect of the house, and make sure that the foundation is solid and hasn’t shifted due to a natural disaster.
3. Failing to Put Down a Large Down Payment
The recommended down payment amount is 20% if you want the seller to consider you the only buyer. Moreover, a larger down payment also ensures that your monthly payments are smaller. In the long run, this makes sense and offers you plenty of financial relief.
4. Forgetting That You Will One Day Sell the House
Thinking about the future is important. Hence, you need to buy a house in the right location! From the development in the area to the nearby facilities and the neighborhood’s crime rate, you need to look at such factors before buying a house. When the time comes to sell your home, you will be able to market it with good features easily.
5. Buying a House with a Major Repair
When you find the perfect home, don’t get emotionally attached to it. The home inspection can reveal several dirty details. A faulty socket or a clogged pipe is an easy repair, but a hole in the roof or broken hot water tank presents costly repairs. You need to be careful with these because, after taxes, home insurance, and mortgage payments, you might go bankrupt trying to fix the damage in the house.
Never pass up on an Orlando real estate because you think there’s something better out there. If the first house you see is perfect in every way and only has minor repairs, go for it! If you are planning to look into Orlando real estate, visit the website Megan Dowdy Realty and get in touch with an Ocoee realtor. For further information, call 407-509-9279.