Buying a home can be an amazing experience, but it can also be quite stressful and complicated. When emotions run high, it can be easy for home buyers to skip over crucial steps and make mistakes. Working with a great Realtor ::wink wink:: is the surest way to avoid those mistakes and make the process as smooth a possible. If you aren’t working with me, well….I’ve laid out some of the biggest mistakes that home buyers make below, so you will know to avoid them.
Spending too much!
So you’ve got your pre-approval in hand, right? Just because you were approved for X amount of dollars, doesn’t mean you should spend that much. Your pre-approval amount should act as a guide, showing you what you could pay for a home if you maxed out your finances. Buying at the absolute upper limit of your price range will likely leave you “house poor,” which means you’ll be able to make the mortgage payment and cover your housing expenses, but you will have little or no money leftover for fun stuff, like food and clothing. Buy within your comfort level and if your Realtor is urging you to spend more, drop them fast.
Not reading or understanding the contracts
Right before I have buyers sign a purchase agreement, I ask them 1 thing. “Do you understand the terms of this agreement?” When you buy a house, you are entering into a huge financial obligation. There are big words, strict time schedules and penalties involved for not honoring the terms of the agreement. While it may seem like common sense that you should always read (and understand) all of the terms and conditions, many home buyers do not. Your Realtor should always take the time to go over everything you may not quite understand, section by section. These contracts are legally binding, so it’s absolutely critical that you understand all the terms and time limits involved.
Right now the Cleveland area market is pretty hot. Especially western cities like Lakewood and Rocky River. If you find a house that you absolutely love, don’t play games or you could lose it. Your agent will help you come up with a reasonable offer based on the sales and current pricing trends of comparable properties in the area. Right now you probably aren’t the only one interested in buying a particular home, so if you find one that you love, jump on it fast and don’t kill the deal by making too low of an offer.
If you’re ready for an amazing buyer experience, reach out today to get started.