Sara Brothers' Blog
The homebuying journey can be long and arduous, particularly for an individual who makes mistakes along the way. Fortunately, an informed homebuyer can identify potential problems early in the homebuying journey and take the necessary steps to resolve such issues without delay.
Now, let's take a look at three common mistakes that homebuyers make, along with the best ways to eliminate these problems before they escalate.
1. A homebuyer spends too much time debating whether to submit a home offer.
The housing market moves quickly, and a homebuyer who hesitates to submit a competitive offer on a residence risks losing this house to a rival homebuyer.
Ultimately, it pays to learn about the real estate market. That way, if you fall in love with a house, you'll be better equipped than other homebuyers to submit a competitive offer before it's too late.
Check out the prices of houses in cities and towns where you'd like to live. This may help you narrow your search for the perfect home and provide housing market data that highlights how much it may cost to acquire your dream residence.
Also, take a look at the prices of recently sold houses in different areas. This will enable you to determine whether you're working in a seller's market or a buyer's one.
2. A homebuyer foregoes a home inspection.
Even though a homebuyer may want to rush through the purchase process, there is no reason to forego a home inspection.
When it comes to buying a residence, it is always better to err on the side of caution, and a home inspection offers a valuable opportunity to learn about a house's condition and uncover any "hidden" problems with a residence.
For example, a home inspection may reveal roof damage that could lead to thousands of dollars in roof repairs in the near future. On the other hand, a home inspection may show there are no major issues with a residence, thereby verifying that a house is a sound investment.
Don't forget to consider a variety of home inspectors before you schedule a property inspection. This will ensure that you can find a home inspector who possesses the necessary skills and expertise to perform a deep evaluation of a home before you finalize your purchase.
3. A homebuyer tries to purchase a house without support from a real estate agent.
For those who want to streamline the homebuying process, expert help may be necessary. Luckily, you can hire a real estate agent who can help you seamlessly navigate the homebuying journey.
Real estate agents are easy to find in cities and towns nationwide. Meanwhile, these housing market professionals are available to help you narrow your home search, submit offers on residences and much more.
If you need additional help during the homebuying journey, it usually is a good idea to hire a real estate agent. By doing so, you can receive the expert guidance and support that you need to go from homebuyer to homeowner.
After you receive an offer to buy your house, you likely will have only a short period of time to determine whether to accept this proposal. As such, pressure can add up quickly, which often can make it tough to make the best-possible decision.
Fortunately, we're here to help you analyze your options and determine how to proceed with a homebuying proposal.
Let's take a look at three steps that every home seller should take after receiving a homebuying offer.
1. Weigh the Pros and Cons
Make a pros and cons list to examine a homebuying proposal – you'll be glad you did. With this list, you can assess the advantages and disadvantages of accepting a homebuying offer and proceed accordingly.
If you accept an offer, you can move forward in the home selling process. On the other hand, if you don't feel that an offer matches your expectations, there may be no reason to accept this proposal.
2. Evaluate Your Home Selling Goals
Consider your home selling goals as you evaluate an offer to buy your house. By doing so, you can determine whether an offer falls in line with your goals.
For example, if your goal is to sell your house as quickly as possible, the amount of the offer may not matter. In this scenario, you may want to accept a homebuying proposal to accelerate the home selling process.
Comparatively, if your goal is to maximize your profits, you will need to determine if a current offer is the best proposal that you could receive. If the answer is "Yes," then you may want to proceed with a home sale. Or, if the answer is "No," you may want to reject or counter a buyer's proposal.
3. Consult with a Real Estate Agent
Let's face it – evaluating a homebuying proposal can be difficult, particularly for a first-time home seller. If you consult with a real estate agent, however, you can get the help you need to make an informed decision about an offer.
A real estate agent can offer lots of housing market data to help you understand the current value of your house. Plus, this housing market professional can provide recommendations about whether to accept, reject or counter a homebuying proposal.
Perhaps best of all, a real estate agent will serve as a guide throughout the home selling journey. He or she can keep you up to date about any offers on your house, perform deep analysis of all homebuying proposals and ensure you can determine the best course of action on any offer, at any time.
Let's not forget about the housing market expertise that a real estate agent possesses, either. A real estate agent understands there is no such thing as a "bad" question. Thus, a real estate agent will respond to any home selling queries that you may have.
Take the guesswork out of assessing a homebuying proposal – use the aforementioned steps, and you can determine whether to accept an offer on your house.
If you’re buying your first home, there are plenty of things that you’ll need to know. Being informed will allow you to avoid some of the most common mistakes that first-time homebuyers make. These errors and their remedies can be found below. Don't join the crowd and make an error, know before you buy.
They Don’t Have Enough Funds
Every homebuyer plans for mortgage payments. Not every buyer plans for all of the other costs that go along with buying a home. Just because you can afford mortgage payments doesn't;t necessarily mean that you can afford the house.
There’s so much financially that goes into owning a home. You’ll need to plan for things like home maintenance, insurance, taxes, closing costs, and more. All of this will need to be saved ahead of time in order to buy and maintain a house. Things like property tax and insurance can go up yearly, and these costs can be very unexpected.
Not Securing A Loan
If you don’t secure a loan first and find the home of your dreams, you could be in for trouble. If you haven’t been pre-approved for a mortgage, finding a home and putting an offer in is a bit riskier. Many buyers don’t realize that they can’t qualify for the amount of loan that they think they can. Getting pre-qualified allows buyers to understand just how much house they can afford.
Avoiding Real Estate Agents
If buyers go it alone, they are taking a risk. The seller pays the real estate agent fees in a home transaction. You really have nothing to lose getting a professional to help you. From there, your agent can recommend all sorts of professionals to assist you in your home search including lawyers, mortgage companies, home inspectors, and others. It’s essential for a smooth home transaction to work with people who are experienced and know what they’re doing.
Depleting Your Savings
When you buy your first home, you’re going to need a reserve of cash beyond what you have saved for a downpayment. This cash includes an emergency fund, money for repairs, furniture, new appliances, and other unexpected expenses. If you use all of your savings on a downpayment, you’ll be in a dangerous financial situation. Just make sure you have saved enough extra for a rainy day fund.
Opening New Accounts
Before your loan is closed, you should be frozen- financially frozen that is! Don’t open any new accounts. It can be tempting to head out and buy a new car that will look good in your new driveway or to fill your house with all sorts of brand new furniture, but you should wait. Once you get the keys to your new home, you’re in the clear to spend again and open new accounts. You don’t want to overextend your budget of course. Just be sensible!
While home ownership can be a very satisfying and rewarding experience, it does bring with it a new set of responsibilities and demands. Whether you're buying a brand new home or a fixer-upper, several things will have a major impact on your lifestyle.
One of them is the need is to personally handle or manage your own repairs, decorating, and home improvements. In many cases, you can (and should) hire a professional to do the actual work, but there are a lot of projects you can do more cost-effectively on your own.
The first one that comes to mind is interior painting. If you want to keep your home looking fresh, well maintained, and visually appealing, repainting your walls and ceilings every few years is a necessity. How often you need to break out the paint brushes, rollers, and drop cloths depends on several factors. For example, some rooms are subjected to more wear and tear than others. Bedroom walls, hallways, and bathrooms often seem to need the most attention, but kitchens, family rooms, and other areas of the home are usually not far behind.
If you've been noticing that one or more of your rooms are starting to look scuffed, faded, or dull, then it may be time to roll up your sleeves and give those walls a fresh coat of paint! It always makes a dramatic difference in the look and feel of that room, and it typically can be completed in less than a day -- especially if you team up with an energetic spouse, friend, or family member. If you're focused and organized, a room-painting project can often be completed by lunchtime. (Depending on who's providing the help, however, you might be expected to provide lunch!)
When procrastination is a problem, taking small steps will often help you gather momentum and keep moving forward on your painting project. An easy, but necessary first step is to pick out and bring home an assortment of color samples from your local hardware or paint store. Holding them up to your walls and seeing whether they complement existing furniture, flooring, and decorating schemes will help you choose a color you'll be satisfied with.
If you're not ready to tackle the project right away, you can still purchase the paint, rollers, and other supplies. Assuming you're not going to postpone the project indefinitely, you'll be a lot more likely to get started in the near future if the supplies are already in the house. You'll be streamlining the process and nudging yourself to get the job done soon by purchasing the painting supplies and having them close at hand.
While motivating yourself to do projects around the house may sometimes seem to be the biggest hurdle to clear, starting small and gaining momentum as you go is often an effective way to keep your home looking its best at all times!
Hectic mornings can make for messy, disorganized bathrooms. Between the mad dash of getting the kids ready for school and ensuring you look presentable for the office who has time to put the toothpaste or hairspray back nevermind neatly so? If you’re dreaming of a clean, organized space to get ready for the day keep reading for some easy to implement tips.
Begin your project with a clean slate by tossing out any outdated products or items you simply don’t use. Check how long to keep an item for by the image of an open container with a number followed by a capital m inside of it. This indicates how many months to keep a product for after opening. If you can’t even remember when you bought a product it's safe to assume its time for a replacement.
Take a tip from the minimalists and keep only what you truly use. After all, the less you have the less you will have to dig through to find what you are looking for. Common culprits are hair products, spa-like bath products and piles of towels. If an item is really something you can’t let go of but don’t use often consider moving it to a nearby linen or storage closet.
Once you’ve decided what stays it’s time to put your items away. But before you start shoving everything back into drawers and cabinets take a few minutes to draw up a plan that gives each and every item a “home”. When everything has a dedicated space it belongs in it makes cleanup a breeze, especially on those hectic mornings.
Keep items off the countertops for an uncluttered magazine worthy countertop. Instead, place your families’ go-to items inside the medicine cabinet or top drawers. Try to keep everything in neat organized lines where you won't have to reach behind products to get the one you are looking for. An orderly lineup prevents chaos and products spilling down each time you reach to the back.
Installing clever organizers for small spaces helps to make the most of tiny bathroom spaces. Think more shelves, lazy susans, drawer organizers and roll out trays to get more out of cabinet spaces. A heat tool corral keeps pesky hairdryers and irons neatly organized and at arms-length.
Maximize empty and therefore unused space throughout the room such as over the toilet by installing shelving. You may also consider adding more hooks if you need them to hang up towels and keep them off of the floor.
It may seem like there isn’t any time for keeping an orderly bathroom when you’re just trying to get out the door in the morning. However, with a thorough cleanout and thoughtful organization your bathroom could be even more tidy than you first imagined. It just takes a little time and creativity to make the most of your unique bathroom space. Happy organizing!