Buying a home is not as easy as it seems. Many people assume that all they have to do is save enough for a down payment and maintain a good credit score, which will allow them to apply for a loan and buy their dream house.
You skipped a couple of… ok, many important steps. That’s because this is an emotional process and it often happens that people fall for homebuyer mistakes. These mistakes stop you from buying a house that you actually love and can afford.
As a first-time buyer, you need to be aware of the following house-hunting mistakes so that you don’t regret your decision later:
Not Setting a Budget
You are setting yourself up for heartbreak if you are touring houses without setting a budget. Imagine falling in love with a house and then finding out that the asking price is too high. You do the math in your head and there’s no way you would be able to take on such a huge mortgage and make the monthly payments. So, first things first, get your finances in order and find out your limit.
Not Hiring a Real Estate Agent
With so many listings available online, most people opt for finding their dream house on their own. If you don’t have any real estate market knowledge, this can quickly turn into a disaster. You might be patting yourself on the back that you avoided paying the agent’s commission, but chances are, your needs and want will not be met by the seller during negotiations. This is why we suggest that you work with an Orlando realtor when you start house-hunting.
Not Getting a Mortgage Pre-Approval
Let’s say that you found your dream house and signed the contract. When the time came to apply for a loan, the bank refused to offer you the amount you wanted. This is where a mortgage pre-approval letter comes in and is highly recommended by a Winter Garden realtor. It shows the seller that you can afford the house.
Sticking to One Neighborhood
By sticking to specific geographical parameters, you are missing out on lucrative house offers. It’s possible that you might get all the features and facilities you are looking for in another neighborhood. Create a list of pros and cons to find out how shifting to another neighborhood will affect you.
Delaying a House Tour
When your agent calls you to tour an Orlando real estate, don’t make any delays. The seller might see this as a sign of disinterest. As a result, he might up the price when you tour the property later.
Keeping in mind these mistakes will open your eyes and help you hunt for a house without any stress. There are plenty more where these came from. Check out “Part 2” of this blog to read on the remaining five house-hunting mistakes.
If you are looking for Orlando real estate then I suggest you visit Megan Dowdy Realty. Their agents have the great market knowledge and the best bedside manners. To get in touch with them, call on 407-509-9279.