Spring is upon us! This is the prime time of year for house-hunting. There is a host of information on how to make the purchasing decision. It is so easy to say yes! when the home of your dreams is sprawling at your feet. Here are some mistakes many first-time buyers make, so keep them in mind:
- Skipping the inspection. We cannot emphasize this enough: never skip the inspection. Inspectors can identify problems with wiring, plumbing, and more to assess your purchase risk.
- Being afraid to negotiate. Most markets across the United States are still in favor of buyers. We hear stories all the time from sellers waiting more than a year to unload their house. Always make your offer below (sometimes far below) the asking price. Remember that homes are usually priced above the assumed value, for wiggle room.
- Falling in love. When a house looks perfect, it is easy to overlook flaws and focus on the positives. It is great to be positive about buying a home, but never overlook flaws. Things that seem innocuous at first may conflate with other issues and turn into a financial nightmare.
- Ignoring the future. Does your home have enough space for kids? What are the schools like? Even a 22 year old single male needs to consider these questions. It is impossible to tell how long you will be in your home. What about reselling the house? What are the zoning laws? Will they interfere with your hobbies? The house may be perfect, but there are other factors that might be disagreeable.