General Information - Six Mistakes to Avoid When Becoming a Homeowner



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Six Mistakes to Avoid When Becoming a Homeowners

For many first-time buyers, the process of becoming a homeowner can get confusing, but knowing what could get in the way of making the investment could be beneficial. This list of common errors made by those purchasing a property can be helpful when trying to complete a simple and quick transaction.


For many first-time buyers, the process of becoming a homeowner can get confusing, but knowing what could get in the way of making the investment could be beneficial. This list of common errors made by those purchasing a property can be helpful when trying to complete a simple and quick transaction.

1. Not knowing how much home you can afford - If you don't know how much you can afford to spend when buying a home, you may want to hold off on beginning your home search. Viewing homes that are well out of your price range can result in feeling down and out when you apply for a mortgage. When creating a budget for housing expenses, it's important to not only consider your potential mortgage, but also insurance, taxes and other necessities including groceries and credit card bills. To ensure you are looking at properties within your price range, it's important to be stern when discussing your limits with your real estate agent, while purchasing toward the lower end of your budget can be a financially wiser decision.

2. Not getting preapproved or at least prequalified - Getting prequalified for a mortgage can be a great solution to the above issue, while it also generally makes your offer stronger, as sellers often take a liking to buyers who already have financing lined up. This makes for a quicker transaction, while also demonstrating how invested and how serious you are in this major purchase.

3. Don't expect a home to be perfect - If you're looking to purchase an already-existing home, chances are it won't have every feature on your list. However, buying a newly constructed home can provide multiple upgrades and hand-picked amenities, meaning you won't need to save up for desired renovations or updates. High affordability throughout the real estate market has made this option more realistic for many prospective buyers.

4. Getting Caught Up in Staging - While real estate professionals advise sellers to stage their home and remove personal items in an attempt to make the home more neutral for you, the potential buyer, it's important to not be too influenced by the "smoke and mirrors." Keep in mind that the home won't likely come with the leather sofa in the living room, while small upgrades made to impress you probably didn't cost as much as the bump in asking price was. Some upgrades and updates, including a new roof or heating and air conditioning system, however, may cause asking prices to jump significantly.

5. Making an offer on a home that doesn't fit your lifestyle - Buyers who are looking for a longtime home that they can raise a family in may not be satisfied with condo living. Even if a property falls into the lower end of your price range, it won't be worth any money if you aren't comfortable. Keep in mind that you will likely have to make some compromises, however, they shouldn't be significant enough to be disabling to your regular routine.

6. Not having a home inspected - When a deal is becoming more serious, it's important to have a home inspected to ensure it isn't falling apart. Any property can be spruced up cosmetically, but purchasing a property that is damaged structurally or with dated systems could end up being more costly after moving in.

For consumers interested in new homes for sale in Florida, it's important they know how to move through the process. GL Homes can help consumers know what the latest trends are for homes in Florida so they know exactly what they want in their new home.