Many bad investments have been made because a buyer “fell in love” with a home. We’re not saying that you shouldn’t get excited, but what we are saying is to do a deep dive on your research first.
It will save you years and years of heartache just in case the house you first loved becomes a money pit.
Here are 7 tried-and-true strategies to keep home buyers from making a costly mistake.
Not Researching the Neighborhood
Consider driving around during different times of the day to see what is happening in the neighborhood.
Don’t Waive Contingencies
If the seller wants you to waive all contingencies, it may be time to reconsider buying that piece of property! Don’t feel obligated to buy what could be a problem home.
That’s why it’s a wise investment to hire a home inspector, who will thoroughly examine the foundation, plumbing, roof, electrical systems, and more.
A home inspection can uncover any major or minor issues, saving you potentially thousands of dollars in unexpected repairs.
Knowing up front the kind of work the house will need allows you to make an informed decision. You can choose to walk away from the contract. Or you can use the information to budget for what you’ll need to make the repairs.
Not Considering Home Maintenance, Repairs
Over Improving the Property
Focus on universal improvements instead. For example, landscaping, paved driveway, improvements to the house such as a family room, etc.
Not Considering Long Term Plans
You certainly don’t want to buy more house than you need, but you do want to think about how the house fits into your life plans.
Buying a house is an exciting time! Just make sure you temper the excitement with some practical down-to-earth strategies that make home buying pay off the longer you own the home.
When you’re ready to close on your new home, turn to Lilly Title & Settlement. We’re obsessed with legal details, so you close on your new home on time! Learn more about us here.