Whether you’re a first time or repeat buyer, looking for a home that ticks off all the boxes on your wish list can be a challenge. In fact, a March, 2021 report by the National Association of Realtors says that 53% of buyers find this to be the hardest step in the home buying process.
Looking for your dream home is an exciting and emotionally charged process, so it can be quite easy to make the wrong decisions. With this in mind, always remember to keep your eyes open and avoid these common house hunting mistakes.
Not working with an experienced real estate agent
One of the top house hunting tips is to never go at it alone. There is a reason why 88% of buyers recently bought their home through an agent. These professionals know the ins and outs of the real estate market. They can help you find the best available homes that meet your needs and requirements faster than if you were to do it on your own. Moreover, your Realtor can negotiate strongly on your behalf for the best deal possible.
Not getting pre-approved
All serious homebuyers should apply for mortgage pre-approval before scouring the market for a home. You can secure a pre-approval letter from a lender who will evaluate your finances – including your current income and credit score. They will tell you how much you can afford on a home and what type of loan you qualify for, which you can use in setting your budget.
Also, sellers often require pre-approvals before entertaining buyers, so securing one is key to getting ahead of the competition. Having pre-approval assures the seller that you are serious about buying a home and have the financial capability to do it.
Thinking short term
A real estate purchase is a big commitment, so it is always best to think long term. A lot can happen in a few years, so factor in what your future lifestyle might be like when looking for your new home.
For example, if you plan to have kids in the near future, a compact starter home may not be the best choice. Instead, look for a home that offers ample space with multiple bedrooms and bathrooms.
You will also want to secure a home that offers a great return on investment in case you want to sell in the future. Home values in Somerset County, NJ, for instance, have gone up nearly 10% from 2020, making them a worthwhile investment.
Not exploring your options
With a considerable amount at stake, never act too quickly when buying a home. Shop around to explore all your options before signing anything. Whether you think a single-family home in the suburbs or a compact condo unit in the city is best for you, giving some room for flexibility can help you make the best choice.
If you need assistance in making the right decision, don’t hesitate to talk to your real estate agent. They can give you their professional opinion on which homes may be the right fit for you.
Looking for a professional Realtor in Bridgewater, NJ to help you with your home search? Our amazing real estate team at Pagnotta Homes has got you covered. Contact us today at 908.436.7947 or send us an email at info(at)pagnottahomes(dotted)com.