Searching for a new home is exciting, but it’s easy to become overwhelmed by the prospect of house hunting. Whether you search through real estate listings to compile your own list of homes to visit, or choose to work with a real estate agent who guides you along the way, there are a few common pitfalls to avoid. The following are several of the most common mistakes that new home buyers in particular make as they start perusing properties on the market.
Viewing Houses Out of your Price Range
Before you start looking at properties, it’s a good idea to find out just how much house you will be able to afford in order to set a firm budget. If you determine that you can afford a property that falls within the $200 – $250K range, then it’s best to start your search at the lower end. If you decide to visit a $260,000 property instead, thinking it only costs a bit more than the top end of your budget, you could set yourself up for disappointment down the road because the more affordable homes may not compare to this property you can’t really afford.
Squeezing too Many Viewings into One Day
You’ll quickly get burned out if you try to view ten properties in the course of an afternoon. The details may start to blur together, and you may not have time to stop and linger if there’s a property you particularly like. It’s better to pace yourself and give ample time to find each property, ask questions, and focus on the small details.
Bidding Out of Desperation
If you’ve seen dozens of houses and none of them seem quite right for you, it’s easy to feel discouraged. This may cause you to lower your standards or bid on a property you don’t feel strongly about simply because you want the house hunting process to end. However, it’s better to bide your time and wait for the right property to come along. You may need to expand your search to a different neighbourhood, or reassess your needs to find the right fit.
Not Taking the Area into Consideration
When you fall in love at first sight with a property, it’s tempting to simply make an offer on the spot. Yet you’ll want to do a little bit of market research if you haven’t already. For example, if you’re looking at houses for sale Perth with Homesales.com.au and fall in love with the first detached Victorian you see, wait a day to look at factors like transportation links, amenities, and schools before you jump the gun. Waiting a day also allows you to compare the property with other houses for sale in Western Australia, to come up with an appropriate offer.
Taking on too Big of a Fixer-upper
Old-fashioned wallpaper and outdate appliances certainly shouldn’t be deal breakers, but if the property requires a full electrical upgrade or other significant repairs you’ll want to stop and think carefully. Do you really have the time, resources, and handyman skills to take on this project? Many new homebuyers underestimate the time and money that even small repairs can take. Be sure to look at your budget and needs carefully if you are considering a fixer-upper.
By taking your time, sticking to your budget, and researching your market, you can help make the house hunting process run more smoothly and find the best fit for your needs.
