HGTV's Property Brothers Share Their Best Tips For Homebuying And The Mistakes To Avoid
The Property Brothers, Jonathan and Drew Scott, have made quite a name for themselves in the home improvement world since the debut of their popular TV show in 2011. Since then, they've used their expertise in home flipping and real estate to host a few new projects — "Brother vs. Brother," "Buying and Selling," and "Property Brothers: At Home," among others (via HGTV). In fact, it's safe to say these experienced flippers and real estate experts know quite a bit about what it takes to buy and sell homes — and now, they're sharing that advice with the prospective homeowners of the world.
It's no secret buying a house is a major investment — and a stressful one at that. But luckily, the Property Brothers have your back. In a recent interview with Realtor.com, the duo gave readers their top tips for choosing a new home. Keep reading to hear what to look for and what to avoid on your search, and save yourself from many of the expensive mistakes home buyers frequently make when hunting for their ideal property.
Don't underestimate the space you need
Congrats! You just found the love of your life and are looking for the perfect house in which to settle down. While it may be tempting to go for that cute two-bedroom bungalow, it's important to be realistic about the space you and your future family will need. According to Statista, the average number of children per household has been steadily creeping closer to two since 2016. If you're planning to have children, it's better to factor in a bit of extra space in case your family continues to grow. Whether it's an unplanned second pregnancy, an older family member moving in, or even just a new work-from-home job, you'll be grateful for that spare bedroom down the line.
"I see them underestimating what they're going to need as their family grows. You're better off [finding] a home that has the footprint you can grow into by finishing those spaces," explains Jonathan Scott (via Realtor.com). "Be realistic so you don't have to move within five years, because every time you move, all the fees you're paying to real estate commission, lawyers, transfer taxes — all of that stuff comes right out of your pocket and comes out of your equity."
Do the math
Buying in today's housing market can be scary, especially with all the sudden upheavals, impacts of inflation, and decreased availability of affordable homes. According to the Federal Reserve Bank of St. Louis, the average selling price of a U.S. single-family home has jumped nearly $170,000 in just two years. With an increase like that, you may be wondering if it's even worth it to buy right now. However, according to Jonathan Scott, you shouldn't let the market scare you out of looking.
"Do the math. If you're getting a good price on the house, it doesn't matter what the market looks like," he says (via Realtor.com). "Right now is really a time where people should be extra cautious so that they are definitely making a good decision, not overpaying. And make sure that they've got a little flexibility, so they have that buffer if they need some money for improvements." Of course, finding your dream home is still possible, even in a seller's market. But make sure you compare the list price to other comparable homes, so you don't get swindled.
Don't get emotional
Getting wrapped up in your feelings when buying a house is common and completely understandable. After all, you'll be making memories there for years to come, so it's important to find a place that feels like home. According to Drew Scott, however, it's important not to let your emotions get the best of you or be your top motivator. "Take the emotion out of it. I have [clients] getting fixated on a kitchen because they've always wanted a dream kitchen, but they're ignoring all the other aspects," he says (via Realtor.com). "They want a quiet yard, somewhere the kids can play, but it's backed onto a train track, so you're never going to get that when you have trains barreling through multiple times a day."
Budging on must-have features just because you love certain details or the feel of a space will just leave you unsatisfied down the line. Instead, make a list of the things you absolutely need and keep it handy. Aesthetic changes and fun improvements can be made after moving in, but it's nearly impossible to add a bedroom or change your home's location. If you keep all these tips in mind and stick to your guns, you'll be sure to find a space that's perfect for you and your family.