Buying a home is not an easy task, especially if it is your first time investing in a real estate property. While the idea of homeownership can be exciting, it can also be full of complexities. If you are not prepared, chances are you will only make poor purchase decisions along the way and ultimately end up sabotaging your dream of owning a home.
Before you start looking for homes for sale in Clovis CA, make sure that you are already prepared for the journey. Remember, buying a home isn’t just about getting your dream home. It is a huge financial commitment where you put much of your money at stake.
To ensure the success of your home purchase, take note of these 8 common home buying mistakes you should avoid:
1. Not Giving Your Home Buying Decision Enough Thought
Buying a home is one of the biggest decisions you will ever make in your life. It is so big a decision that it requires you to be wise and be prepared before plunging into the process. Before making the decision to buy a home, make sure you have already taken into consideration the financial implications of home buying and that you have already decided which type of home you would like to invest your money in.
2. Not Picking Your Finance Package Carefully
Some homebuyers think that when it comes to mortgage and finding out how much house they can afford, they can simply visit a bank’s website and use online calculators. Actually, there is a huge difference between what these online calculators indicate and what the banks will actually lend you, so it’s best to personally go to the bank or find an independent finance broker who can give you access to reliable lenders.
3. Going Beyond Your Budget
When choosing a home to buy, do not be tempted to go beyond your budget just because you think that a more expensive house looks more appealing than the house that fits your budget. This will only derail your finances in the future and leave you exposed to potential financial shocks.
4. Thinking That It’s All About the Price
When it comes to buying a house, do not ever think that it is always about the price. Don’t base your buying decision solely on price. Just because a house is cheap does not mean that it is the right property for you. When choosing a property to buy, consider the value that you will get from buying it.
5. Signing Contracts Without Being Sure That Your Interests are Protected
Buying a property involves a lot of paperwork. Before signing any contract, make sure that it includes additional clauses that protect your interest. Do not assume that you can ask for changes in the contract later on, because that is not the way it works.
6. Failing to Estimate All the Costs Associated with Home Buying
When you buy a house, don’t think that the amount of money you need to prepare is just the amount of the property itself. There are a lot of additional costs associated with buying a property, including stamp duties, valuation costs, loan application fees and mortgage insurance.
7. Underestimating the Value of a Professional Building Inspection
Some home buyers tend to skip this part, thinking that inspectors only tend to find faults that aren’t there. Actually, these inspectors are trained to find faults and to help you address all the needed repairs before moving in. Their report will also help you decide if you really want to buy the property, given its faults.
8. Thinking That You Don’t Need an Agent
As a homebuyer, you must never underestimate the importance of having a real estate agent by your side. Your agent will protect you, give you expert advice and look after your interests as you go through the process. When buying a home, having an idea of the home buying process is not enough. You need someone to help you make the right decisions and make sure that your emotions don’t get the better of you when making these decisions.
If you are buying a home in Clovis CA and need someone to assist you, call me today at 559-246-8991! I am Jason Nenadov, Clovis CA’s top real estate agent!
