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House Hunting Mistakes You Need to Avoid

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Avoid House Mistakes

Looking for a place to settle down is both fun and stressful, and it’s also a time when emotional decisions are often made. Sadly, house hunting mistakes made by accident, oversight, or neglect can – and usually do – turn out to be a pretty costly affair, which is why homebuyers should stay on guard and watch out for red flags that can land a steep price tag in their lap post-purchase. So, what are the costliest mistakes homebuyers commonly make when looking for a place to call their own, and which property aspects should you treat as instant deal breakers?

1. Shopping outside your budget’s range

One of the common mistakes house hunters make is to look at high-end homes first and leave budget-friendlier property for later. The main problem with shopping outside your price range is risking to fall in love with a home you can’t afford: if that happens, it’ll be difficult to settle for a piece of property within your budget. To stay on the safe side of the real estate investment, it would be best to start by looking at low-end houses first: with a little luck and patience, you may just find a place that has most of the features you want in a home and fits your budget.

2. Settling for less than you really need

Don't Settle for Less Home
Image Source: imgur | Don’t Settle for Less Home

Another costly mistake homebuyers make is to settle for less than they actually need in a home. Even if the nest you’ve just seen has good bones and hot location, it doesn’t make it your dream home – nor does it mean you’ll get away without potentially costly repairs and updates, for that matter. The same is true of newly-built property: as swanky as that duplex may be, it won’t necessarily be your ideal property fit if it doesn’t have the location or other features you need in a home. To stay on the safe side, make a list of non-negotiable features – and stick to it.

3. Skipping the initial home inspection

Many homebuyers rush off to sign the purchase contract once they stumble upon a piece of real estate that fits their principal housing needs – and by doing so, they shoot themselves in the leg. To avoid losing a small fortune on post-purchase repairs and updates, you should hire an expert to conduct a property audit and see whether your home-to-be suffers from serious structural defects or other shortcomings which you can use to bring down home price. The inspection will also help reveal major red flags and thus save you loads of cash down the road.

4. Not thinking outside the market box

Think Ouside Home Market Box
Image Source: imgur | Think Outside Home Market Box

In some cases, the house hunt can stretch for longer than the homebuyer can afford. If you can’t find a piece of property that fits your needs and budget, you shouldn’t lose hope or let it get you down: instead of flying into despair or waiting for your dream home to materialize, look into the available plots of land and find out how much it would cost to build a house from scratch. For homeowners eager to build their own nest, construction companies can custom-design plans for project homes and draw up an umbrella estimate of the expenses required for the project.

5. Making the home purchase in a rush

As tight as your move-out timeline may be, you should never make the final decision in a rush. If you slap your family name on a piece of property before you’ve carried out critical title searches and audits, you may end up with a money pit on your hands. To avoid waste of time and cash, it would be best to make a list of priority features and questions to ask during a preliminary home tour and write down the positives and negatives for each home immediately after the viewing: it will help you get a clearer image of property worth following up on.

6. Sitting on the final decision too long

Don't Sit on Final Decision
Image Source: imgur | Don’t Sit on Final Decision

Although forethought and reflection are essential when deciding which of the shortlisted homes you should call your own, you shouldn’t sit on the decision for too long. If you fail to bid on time, you can easily lose a house that fits your budget and preferences, so run critical title searches and inspections without delay and make key decisions fast. On the real estate market, snoozing often means losing, which is why it’s best to act without needles hesitations and delays: after all, you won’t stumble upon a property bargain every day.

A house hunt is a tricky affair, but it can be much easier if you know which pitfalls to avoid – and if you’re still here, you now do. Remember: a home is a long-term commitment which you won’t be able to duck out of if you change your mind or your housing needs change, so do your best to stay on the safe side of the probably biggest financial transaction in your life. Good luck!

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House Hunting Mistakes You Need to Avoid
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House Hunting Mistakes You Need to Avoid
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House hunting mistakes can turn out costly, which is why homebuyers should stay on guard and watch out for these 6 home buying traps.
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janet & clarence
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Emma Joyce

Blogger at Smooth Decorator
Emma B. Joyce is blogger based in Australia. She is a true home decor and DIY fanatic. Emma is interested in music and also is a big reading enthusiast. Finding new designs and patterns is her daily task. She got hooked on home accessories and decorations during her traveling and now cannot stop searching for new inspiration.

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6 Comments

  1. Obat Kencing Nanah
    Twitter:

    May 13, 2017 at 10:21 am

    Hello I am Yogi from Indonesia .. I agree with you that Settling for less than you really need.That was vey important thing to homebuyer .. Thank you
    Obat Kencing Nanah recently posted…Kencing Sakit Dan Keluar Cairan Putih Dari Kelamin Serta SolusinyaMy Profile

    Reply

  2. Daniyal

    May 17, 2017 at 7:19 pm

    Hy Emma Joyce, thanks for sharing this great article with this incredible knowledge.

    Reply

  3. Jorge Bastos

    May 27, 2017 at 3:23 pm

    We have bought a few properties and this seems like very good advise. thank you for sharing…
    Jorge Bastos recently posted…Top things to do in Munich, BavariaMy Profile

    Reply

  4. Joel

    June 17, 2017 at 7:37 am

    Definitely avoid buying out of your price range. I have seen many people fall into the issue of incrementally pricing themselves out. They typically start with: “it’s only $5k over my budget,” and next thing they know they’re at $20k over their budget because they’ve made those incremental increases. Agents typically don’t help with this either (a good agent will never be an enabler). Also – always keep in mind that unless you plan on living in your home for the rest of your life, buying in a bad location or settling for something with questionable resale potential can be a major investment mistake.

    Reply

  5. Elaine

    June 28, 2017 at 7:59 pm

    **Disclaimer** I’m an agent – That being said, I cannot stress the importance of working with an agent you trust. There are absolutely those out there who have no problems recommending the more expensive homes so they can make a little more, but this is one of the worst business strategies. My personal philosophy is that I want buyers to come back to me for their next home, and recommend me to all of their friends and family. They won’t do that if they find themselves in a home that is overpriced, or need more work than they expected. A homebuyer’s comfort should be the number one priority for any real estate professional.

    Reply

  6. Ridley Fitzgerald

    June 29, 2017 at 12:18 pm

    I appreciate your tips for house hunting. My wife and I want to start the hunt, and these are some good things we need to keep in mind. I don’t think settling for anything less is a problem for us, because we’re both willing to spend a good chunk of money!

    Reply

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