4 Common Home Buyer Mistakes and How to Avoid Them

4 Common Home Buyer Mistakes and How to Avoid Them

4 Common Home Buyer Mistakes and How to Avoid Them

By Mark Spain Real Estate

Buying a home is a serious investment, and it can be easy to take small missteps down a wrong financial path. It takes a lot of groundwork to avoid common home buyer mistakes and mitigate financial risk. However, with the right real estate agent on your side, you can do the necessary preparation for the home-buying process.

At Mark Spain Real Estate, our agents will guide you seamlessly through the home buying process so you can feel confident when making this life changing decision! With decades of valuable industry experience, our team is equipped with the knowledge and resources needed to avoid any home buyer mistakes. For more on ways to successfully navigate your home-buying process, please read below. 

4 Common Home Buyer Mistakes and How to Avoid Them

Overlooking finances

As exciting as it is to start your house hunt, you don’t want to jump the gun and skip the necessary financial prep. Several financial components are vital to your affordability as a buyer, including your credit score, debt-to-income ratio, and overall savings for down payments, closing costs, emergency funds, and more. Before starting your home search, you must evaluate your financial standings to cultivate an accurate budget and determine your mortgage loan eligibility. 

As a buyer, the last thing you want is to fall in love with a home you can’t afford. With a strict budget allocating your monthly affordability, it’s easier to narrow your scope of potential homes and filter out listings out of your price range. Working with a seasoned real estate professional like Mark Spain Real Estate will give you the necessary insight to form a budget and narrow your house search. Our agents will present listings catering to your financial needs to ensure your dream home is within reach. 

Skipping the pre-approval process

If you’re serious about buying a home, you’ll want to prioritize the pre-approval process. Getting the go-ahead from a mortgage lender before starting your home search will give you a reliable price range to follow. Not to mention, a solidified pre-approval will show sellers that you’re committed to buying a home, which may help your chances of winning a bidding war with a less serious buyer. One of the most common home buyer mistakes is skipping the pre-approval process.

For many first-time home buyers, it’s easy to confuse pre-approval with pre-qualification – a mistake you don’t want to make. When lenders pre-qualify you for a mortgage, they give you an idea of your loan size and price range. However, pre-qualification does not guarantee you’ll get a loan. When you get pre-approval, you receive a conditional loan based on your credit and ability to repay. In most cases, both steps are critical to your home-buying process and should be prioritized early on. 

Underestimating home ownership costs

Unfortunately, the spending doesn’t stop with your initial offer. Once you’ve got the keys in hand and signed on the dotted line, you’ll face several expenses as an official homeowner. On top of your monthly mortgage payment, you’ll also have to account for property taxes, homeowner’s insurance, regular maintenance, utility bills, homeowner’s association fees, and more. If this is your first time buying and owning a home, these costs may come as a surprise. However, with a real estate professional on your side, you can familiarize yourself with all the ins and outs of buying a home and ensure you’re fully financially prepared to become a homeowner. 

Not working with a real estate agent

Though you may want to save on commission fees, an experienced real estate agent is worth the price. Going about the home-buying process alone will put you at a disadvantage in several ways. From providing market knowledge to aiding with the negotiation process, a seasoned real estate agent will come in handy throughout your home search. Not working with a real estate agent is one of the most common home buyer mistakes.At Mark Spain Real Estate, our agents will help you find your dream home hassle-free! With access to many industry resources and experts, our team will set you up for success as you embark on your house-hunting journey. 

Avoid Home Buyer Mistakes with Mark Spain Real Estate

Are you looking to buy a home? The experts at Mark Spain Real Estate are here to help you avoid the most common home buyer mistakes. With decades of valuable industry experience, our team of trusted agents will ensure your house hunt is smooth and stress-free! For sellers looking to streamline their home sale, check out our Guaranteed Offer Program to receive an offer on your home in only 21 days. Contact our agents today!

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