Buying a house is not easy. It is rather complex, actually. This is because there are so many stages in the home buying process where mistakes can occur. One simple misstep or wrong move can delay things and could potentially haunt you at a later date. Here are four mistakes that you do not want to make when purchasing a home:
1. Not Getting Pre-Approved.
You may not think that it is important, but taking the time to get pre-approval for a mortgage is essential in the home buying process. The reason for this is because you want and need to know the exact amount that you can afford before looking at houses. Otherwise, you may look at a house and fall in love with it only to find out later that it is not within your budget. In addition, many sellers will not take your bid seriously if you have not been pre-approved already.
2. Failing to Research the Neighborhood.
Sure, you may love the house, but do you love the neighborhood? In all honesty, it is just as important, if not more so. Also, the neighborhood consists of more than just the block where the home is. You need to spread out numerous blocks. It is recommended to visit the area at different times throughout the day and night so that you can get the clearest picture of what the neighborhood is truly like.
3. Failing to Hire Your Own Inspector.
You may not want to believe it, but sellers have their own agenda. So, when they hire an inspector for the house that you're looking at buying, they may have something up their sleeves. This may not be true in all cases, but it is in your best interest to play it safe and hire an independent inspector. This person will only have your best interests in mind and can potentially save you from making a huge investment in something that isn't worth your time and money. And what's worse still is not even having a home inspection one before signing the papers.
4. Relying on a Verbal Agreement.
"But the seller said…." Don't catch yourself saying something like this. It isn't uncommon to be informally and verbally promised something by the property seller while viewing the home or even signing initial documents. Then, later on, they fail to keep their word. It's sad, but very true. So, don't rely on any form of verbal agreement. Don't rely on anything other than what is in writing and has signed by both of you. So, if you and the seller make any form of agreement that it not in the paperwork, get it in writing immediately.
For more information, contact The Gresham Group or a similar organization.