Buying a home in Ohio is an exciting time! You get to look at homes, start creating decorating boards on Pinterest, and most of all you get to start planning the next big step in your life. Where will you live? What house will you choose? Who will your neighbors be? If you have kids, where will they attend school? During the home buying process, there are mistakes commonly made that I wanted to bring to your attention. Before you start looking for a home, please look over this list so your home buying experience goes a little smoother….
1. Looking at homes above your budget – When buying a home it is important to get pre-approved for a mortgage before stepping foot into a home. This way you know what your price range is and what you are prepared to pay for a home. A common mistake is that buyers think they can negotiate the price of a home down significantly to meet their budget. When in some cases this may be true but also may lead to frustration and heartache when it doesn’t work out the way you plan. Know your absolute highest price point and talk to your real estate agent before looking above what you are willing to pay.
2. Missing an opportunity in a multiple offer situation – Sometimes when you find the perfect home, there are other buyers who feel the same way. When you make an offer on a home that has other offers on the table as well, we call this a “multiple offer situation”. With this the game changes a little bit. You may no longer be able to haggle like you were planning. A few common mistakes buyers make when in this type of situation is to not offer a high enough price, they ask for too many conditions in the contract, or they may even get their offer in too late. When a home is receiving multiple offers, consult with your real estate agent for guidance in this situation.
3. Not getting a home inspection – After you find the perfect home, it’s important to get a home inspection. Even if the home is brand new, or was just remodeled, it doesn’t matter. A home inspection will uncover anything you need to know about the home you are purchasing and let you know of any additional inspection or repairs that may be needed. When buyers don’t get a home inspection they are essentially buying a home without looking “under the hood”. Be cautious when doing this and talk to your real estate professional before you waive your right to a home inspection.