Don't Make These 3 Mistakes When Buying A Home You Haven't Seen
When buying a home, it can be easy to jump at the first house that you find. Likely, you're eager to move, settle into your new home, and restart your life. Of course, these are all incredible things that one should look forward to. However, It's one of the biggest purchases one can make in their life, so it should be taken slowly and with caution. Unfortunately, when you're buying a home, you may not always be able to see it in person. This could be for a variety of reasons, including living too far away from the home or being out of town during the open house.
According to Redfin, in 2020, almost half of all home buyers made an offer on a home without viewing the home for themselves. This was due to an unforeseen pandemic brought on by COVID-19. Because of this, the housing market became extremely competitive in several different ways. Many wanted to purchase homes quickly before they sold. Additionally, because houses were being bought so fast, prices of homes rose a substantial amount than ever before. To some, going ahead and buying a home merely based on non-concrete evidence was the safer option. If this is something you plan on doing, there are risks at hand and things that should be considered. Here are three mistakes that you should try to avoid making when buying a home you haven't seen.
Not doing research
The biggest mistake of all is not doing enough research or not doing any at all. It's crucial to know all of the ins and outs of the house buying process as well as information on the actual house itself. There is no limit on how much information you should obtain. Aside from obvious questions such as the price of the home and the location where it resides, there are some not-so-obvious questions you should be asking too. According to the U.S. News & World Report, there are some major questions to add to your questions list.
For starters, you should always ask about the crime rate. Not only do you want to keep your family safe, but high crime rate areas can also impact the costs of a home. Next, you should ask about the traditional neighborhood development, also known as the TND. This shows all the upcoming plans happening in your potential new neighborhood that could affect the house and its value. After this, ask about any remodeling restrictions that may be in place. Restrictions can vary from forbidding you to change the exterior color of your home to the buildings you may want to add to your new property. Lastly, ask about any amenities within the neighborhood, such as schools, parks, and public transportation. This will give you an idea of what luxuries you will have available to you.
Choosing the wrong agent
Much like doing research, it's imperative to find the right agent for you. Choosing the wrong agent can result in time and money lost as well as unnecessary added stress. Sadly, this does happen every so often, however, it is completely avoidable. You obviously don't want to waste time with the wrong person, so it's best to take the time to find the agent you are looking for. To do so, you must also take the time to figure out what it is that you're looking for within an agent. According to Next Advisor, there are a few important things you can do to choose the real estate agent that is best for you.
To begin with, you must be prepared for what you are getting into. Doing things such as going ahead and getting preapproved for a mortgage will get your footing in the door and allow for more agents to be interested in you. You should also ask family and friends for their best recommendations and their worst. For those that have gone through the process, they probably know who you should and shouldn't stay away from. You should also get to know your potential agent. Finding out their personality and how long they've been in the business is crucial to your agent search. Lastly, get the agreement with your new agent in writing. This is important in case anything does go wrong, as you will have proof of exactly what was agreed upon.
Unrealistic expectations
Another mistake that home buyers tend to make is having expectations that aren't realistic. We're all guilty of doing this in some area in our life at one point or another. However, when it comes to buying a home, it's much more serious. The process can become long, complicated, and a bit tedious. So it's crucial to make sure you know exactly what you can expect. For first-time home buyers, this is especially true. This is something you haven't done before, so you may have an idea in your head that is substantially different from what is true. According to MetroTex, there are a few important expectations that home buyers may have.
One of the most common expectations is that a home will be perfect. No person and no thing is without its flaws, even homes. Of course, this is more complicated if you haven't seen the home, but you must accept that a home will likely have a few defects. Next, don't always expect to set up a mortgage after you find the home you want to purchase. This needs to be done prior to looking for a home, as you will need proof that you have enough funds to purchase the home. Lastly, you should expect to pay more than the original asking price. Home buying is a competitive market to be in, and there are often bidding wars that take place. Set a max budget after the asking price and stick to it.