6 Mistakes when Buying Houses and How to Avoid Them
The housing market in the United States is hot. Over the last two years, the pandemic has fueled some major life decisions such as property purchases. If you’re itching to buy your first home, you’re not alone. In the first quarter of 2021, one in seven buyers was entering the market for the first time.
Of course, newcomers to property investing may lack the knowledge and experience to make informed decisions. This is often where mistakes with buying houses creep in.
So, if you’re shopping for Connecticut homes for sale, what should you avoid doing?
Here are six common mistakes and how to steer clear of making them.
1. Judging a Book By Its Cover
So, you’re browsing for properties for sale and you see some that are a little bit ‘out there’ in terms of home décor choices. Certain wallpapers and color schemes may not be to everyone’s tastes, and it’s easy to get put off when you’re faced with such a home.
Try and visualize every property as a blank canvas. Sure the colors are crazy now, but by the time you’ve spruced it up and decorated it to your own tastes, you could have a lovely home.
2. Not Accounting for All of the Costs Associated With Ownership
Ownership gives you great freedom and allows you to build up equity in your property, however, the cost of owning a house doesn’t just end with your mortgage repayments.
On top of the mortgage, you’ll need to pay energy bills, broadband costs, and lots more. Do the math before putting in an offer.
Over time, things will need repairing and replacing. A few years down the line you may need a new roof or a replacement HVAC. All these costs mount up, and you’ll need to factor these in too.
3. Maxing Out Your Budget
The current high demand for properties does mean that buyers are tempted to offer more to snap up their dream home.
There are some beautiful houses for sale in Hartford, CT, and it can be tempting to go all-in and buy the most expensive home that your mortgage allows. If you’ve been approved for $350,000, it doesn’t mean you have to spend every last dime.
Don’t forget to factor in your closing costs and keep a little bit back for furniture and decorating.
4. Shopping Before Getting Pre-Approved
When looking for homes for sale in Connecticut, it’s important to get pre-approved for your mortgage before you start searching. This will give you an exact idea of what you’ll be able to afford.
Not only this but if you put in an offer on a home that you love before getting an offer in place, you’ll be sorely disappointed if you don’t get approved for the amount you need to buy it.
5. Buying in an Unfamiliar Area
It’s not unusual to buy in an area that you don’t know well. But before you put in an offer on a property in a new neighborhood, have a drive around it and carry out some online research to find out as much as you can. Get in touch and we’ll provide you with a neighborhood report.
6. Not Getting a Home Inspection
Forgoing a home inspection may save you money in the short term, but it could end up costing you in the long run. A home inspection will highlight any issues the property has that may need addressing later – very often, these will be things that you won’t see when you visit the house for the first time.
Avoiding Mistakes With Buying Houses
Sadly, mistakes with buying houses are common and they can result in the sale falling through. If you want to be sure the purchase of your dream home closes, go in with your eyes open and do some research first.
If you’re looking for houses for sale in Connecticut, check out our listings today.