In today’s market, it’s important to know what you should do before buying a home. All too often, buyers are making mistakes that cost them in the long run. But what are the most common mistakes and how can you avoid them? Howard Hanna Real Estate Services are here to help identify them and make sure that you’re prepared for whatever comes your way on your homebuying journey.
1. Skipping Mortgage Pre-Approval
Many buyers start touring homes before they have a full grasp on what they can truly afford. This can lead to wasted time and missed opportunities. Especially in the current spring market, there will be competition. Sellers will most times prioritize offers from buyers who are fully approved, not just pre-qualified. This is because it shows financial readiness and reduces risk. Howard Hanna is here to help. We can help you get pre-approved so that you know what you can afford before you even tour your first home. Taking this step early will help give you clarity and confidence for you’re finally ready to make an offer.
2. Underestimating Total Costs
Buyers often tend to focus only on the down payment and monthly mortgage, but the true cost of home ownership goes far beyond those. When looking at the price of a home, you have to factor in closing costs, property taxes, homeowners insurance, maintenance and potential HOA fees. You also don’t want to forget about monthly utility costs. These additional costs can up quickly and strain your budget if you aren’t prepared. The best approach is to work with your Howard Hanna agent who will help guide you through all of this. They’ll help you come up with a plan to figure out what you can truly afford.
3. Waiving Important Contingencies Too Quickly
In an effort to compete, some buyers rush to waive contingencies like home inspections or appraisals. While this might make an offer more appealing, it also significantly increases risk. Skipping an inspection could leave you responsible for costly repairs. Waiving an appraisal contingency could mean that you wind up overpaying for a property. Don’t rush into any decisions that can you hurt you later. Your Howard Hanna agent can help figure out what can be done for you to give the best offer possible.
4. Letting Emotions Drive Decisions
Buying a home is a very important milestone. It can be such an emotional experience, but the key is to never let emotions drive your decisions. Buyers sometimes stretch beyond their budget, ignore warning signs or rush into offers out of fear of missing out. This can result in regret after the excitement wears off. Setting clear priorities, establishing a firm budget, and relying on objective guidance from a Howard Hanna agent can help make all the difference in the world.
5. Ignoring Resale Value
It’s natural to focus on how a home fits your current lifestyle, but overlooking its future resale potential can be a costly mistake. Factors like location, school districts, layout and neighborhood trends all impact how easy it will be to sell later. Even if you plan to stay for years, life circumstances can change your plans. Your Howard Hanna agent can help you keep all of this mind as you navigate your search.
Conclusion
Looking to start your home buying journey? Reach out to your local Howard Hanna agent today. They can help you avoid these mistakes and get you prepared to move into the home of your dreams.
About Howard Hanna
Howard Hanna Real Estate Services proudly provides real estate, mortgage, title, and insurance services across 15 states. As the largest family-owned and -operated real estate brokerage in the United States, Howard Hanna operates more than 500 offices with 15,000 sales associates and staff. The company’s proprietary Hanna Success System helps its agents achieve 53% more business than agents at the top 1000 brokerages nationally. Learn more at www.HowardHanna.com.
