If you are new to the home buying process or don’t have a seasoned, knowledgeable real estate agent assisting you, there are many mistakes you can make – some of which can result in huge issues. Don’t worry though, DaVinci Realty has your back and wants to make sure you avoid any mistakes!
Listed below are the biggest mistakes people make and how you can avoid them before purchasing a home:
Not Getting Pre-Approved Prior to Looking at Homes
It’s no secret that houses are selling FAST. The housing market has been booming for the past few years as there seem to be fewer available homes for sale and even more people looking for them. It’s a seller’s market, not a buyer’s market for many reasons. Large mistake homeowners are making is simply not getting pre-approved. The homes are selling faster than it takes you to get approved to see how large of a loan you can take. If you like a home and you’re not already pre-approved the likelihood of the home selling before you get approved is high. Homes are going into bidding wars and people offering well over the asking price. If you aren’t approved by the time you find that dream home you might miss out on it. Get pre-approved early so that you will be able to snatch that dream home up as soon as possible and know what your borrowing limit is.
Not Working With a Real Estate Agent
You can purchase a home without using a real estate agent, however, we do not recommend this. If you don’t know what you are doing, it can make the process much more complicated for everyone involved. Real estate agents, such as those at DaVinci Realty, are experts in their field and will be able to help and assist you in various ways. It can be overwhelming to constantly be on Zillow or any other real estate websites 24/7. Real estate agents are there to pull listings together that interest you without you doing the leg work. You might save money doing it yourself, but the amount of stress you put on yourself is not worth it. Working with a real estate agent is always in your best interest to ensure it’s a seamless buying experience.
Waiving a Home Inspection
A home inspection is a vital part of the home-buying process to avoid future problems in the home. If you waive a home inspection you might end up paying a lot of money to fix problems down the road – a home inspection fee versus a new septic system is a large difference. Many people purchasing homes are waiving the home inspections so that they can win out in a bidding war. Home inspections and the safety that they would inevitably provide to a buyer is vital and shouldn’t be undervalued. Home inspections can also be used to negotiate a better price if there are serious issues or potential problems in the home.
Rushing to Make an Offer
No matter how wonderful the home seems on the surface, it’s best to take things slow. Purchasing a home shouldn’t be rushed. This seller’s market is definitely rushing those who are looking for a home. They think they need to jump on homes in case they are snatched up before them. You want to ensure you absolutely love the home and are ready to commit 100% before making an offer. This is because if you put in an offer and the seller accepts, you’re locked in. Take some time to mull over your options and ensure the home could actually be your dream home. Sometimes it takes more than just a month to find a home you love and that’s perfectly okay!
Making Emotional Decisions
When you think you have found your dream home, you easily get wrapped up in all of the excitement. You begin to envision yourself in the home and all of the memories that will be made with your significant other and possibly your future children or current children if you have them. A home is an emotional milestone of course, but also a financial one. It’s best to make decisions based on facts and not just emotions. A home is a large investment and one that you may be in for a long period of time, it’s best to have all the facts of the home prior to getting too excited with your emotions.
Not Researching the Neighborhood
This ties into the fact that the market is a seller’s market. Some people are just choosing one of the first homes they like to ensure they get the home. They aren’t doing much leg work to look into many aspects of the home. The neighborhood is extremely important in your decision-making. If you have children you want to ensure it’s a good school district. You will want to check the crime rates to ensure it’s safe for your family. You might just be too excited about the home and not pay attention to the aspects of the neighborhood it’s in. You should research the neighborhood before committing to anything to ensure you can make the house a home and enjoy your time there instead of worrying.
To make the process easy and simple, we suggest hiring a real estate agent from the beginning. But, make sure you are not just hiring any real estate agent – interview them, make sure they have experience, and look into their credentials. If they check all of the boxes, they are likely equipped to help you avoid any of these mistakes to ensure you’re happy with your purchase when all is said and done. Here at DaVinci Realty, we offer agents to the Denver, CO area that are seasoned and will get you on the right path to buying a home without any mistakes!