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Whether this is your first time buying a home or your fifth, there are certain home buying mistakes you want to avoid to make the process easier. The best strategy to avoid these missteps in working with a great real estate agent. Together, you can plan accordingly and work as a team. They’ll help you steer clear of mistakes that could lead to higher costs, more stress, and lost opportunities. Here are six common home buying mistakes to avoid.
1. Skipping pre-approval
To ensure you have the best chance of purchasing your dream home, getting pre-approved is a must. Going through the pre-approval process helps determine the loan size you qualify for, what size of a house fits your budget, and your estimated monthly mortgage payment. More importantly, pre-approval paperwork shows sellers you are serious, your offer is financially secure, and that there will be no delays in closing.
2. Not working with a local lender
Overall, local lenders can help empower you throughout the home buying process. Both sellers and real estate agents generally prefer working with local lenders because they have a better reputation for closing on time compared to national banks and online lenders. Additionally, having a local lender can help set you apart when a seller receives multiple offers. If a seller is considering several different offers, but your offer is the only one with a local lender, it could be the one factor that tips the scales in your favor.
3. Forgetting to research the neighborhood
While the house you are considering may meet all your criteria, what about the neighborhood? Is it important for you to be within walking distance of local schools, have access to parks, be close to town, have a convenient commute, and/or be near other community amenities? These are all important factors to think about as you’re house hunting to make sure the neighborhood suits your needs. North, Central, and South Bainbridge Island feature a variety of perks. A local real estate agent will know each neighborhood well and can help identify the best match for you, your family, and your lifestyle.
4. Buying a home without an inspection
Typically, in today’s market, sellers do a pre-listing inspection to help streamline the process for prospective buyers. If for some reason this isn’t the case with a home you’re considering, then it’s important to have a professional home inspection done. An expert can alert you to potentially expensive repairs and time-consuming projects before you place an offer. It’s best to know all the pros and cons of buying a home before you move in and it’s too late.
5. Not purchasing sufficient homeowner’s insurance
Your home is one of your most valuable assets, yet many homeowners are underinsured. A comprehensive homeowner’s insurance policy covers not only your home but also all your belongings, living expenses, and injury or damage to others that occurs on the property during an unexpected disaster. Extreme weather events are becoming increasingly common throughout the world. Make sure you work closely with an insurance broker to make sure you’re protected from potential local risks for your peace of mind.
6. Not working with a buyer’s agent
A buyer’s agent is a local expert who helps identify the best home that meets your needs, works with you on developing a competitive offer, and effectively negotiates on your behalf. Buyer’s agents also make your life easier by handling the paperwork when it comes time to close the deal. Buying a home is a complex transaction with many moving parts. Having an experienced professional to help navigate the process is essential to reducing your stress and helping you achieve success. A good buyer’s agent also has strong relationships in the community they serve. They can connect you with great lenders, inspectors, insurance agents, repair services, and other local experts.
Make sure you avoid home buying mistakes to give yourself every possible advantage throughout the process. Contact a local Windermere real estate agent today.
