5 Things Home Buyers Wish They Knew Before Buying a Home
Buying a home – it’s the American Dream. A large percentage of Americans consider buying a home a top priority in their lives, many whom live right here in Southwest Florida. What we all want is perfect conditions that are a win-win for everyone involved but the ugly truth is, the home buying process can be a whirlwind. Having the right expectations and information before setting out to fulfill your dream will go a long way in helping you get a positive outcome with as little stress as possible.
To give you an advantage, we’ve shared 5 tips many first-time homebuyers wish they had known before buying their homes.
Bank Pre-Approval is a MUST Before You Start Looking
You’re sitting there, figuring out finances and such and think “This is what I can afford!” So, you head to apply for a mortgage and discover just how wrong you were. Sigh. Many of us have been there. Often, you even have a home on the market in mind and now, you’ve wasted your time and gotten your hopes up. This is why you must get pre-approved for a mortgage before you start your search. You don’t want to fall in love with homes outside of your price range. This makes it hard to find something to love IN your price range.
Furthermore, you could be missing out on a great property if you aren’t pre-approved. Someone who is pre-approved can move their paperwork along much quicker and you lose your chance.
Don’t Judge a “Pretty” Home By Its Cover
You can’t imagine how many first-time home buyers fall for a “like-new” or completely renovated house and rush to be it only to find out that there are serious issues that should have been identified early on. Some houses look to be in absolutely “perfect” condition, but you mustn’t be fooled.
That’s right, the one step that must never be skipped: the home inspection. The purpose of a home inspection is to protect your investment & protect you from buying a lemon. A home seller who doesn’t want to let you do an inspection and saying “I renovated everything! Nothing to worry about!” is definitely hiding something. The last thing you want is to discover major problems after you’ve already bought the house.
Patience is a Virtue (And You’ll Be Needing Loads Of It)
We cannot overstate this enough: the home buying process is an emotional roller coaster that you’re on – blindfolded. You don’t know which direction you’ll be jerked in yet or if you’re just going to freefall. In the span of a week, you can feel a number of emotions ranging from fear, anger, excitement, disappointment, hope, frustration, happiness, and more.
You might have an offer accepted and then it falls through for some reason. Or your Realtor can’t find the house that fits what you need for a long time. The competition is fierce, so you need to be prepared for the long game. So, if you’re planning to buy a home, it’s time to summon your reserves of patience.
Anything Can Happen at Any Time to Delay Closing
Literally, up to the LAST minute of closing, anything could happen to cause a delay. For example, the lender just realized they’re missing one crucial piece of paperwork they over-looked or a windstorm knocks out power so the computers & internet are all down, or the snow is too deep so we can’t get a notary public to finalize… anything could happen!
If anything does arise, just call upon those reserves of patience once again to get you through to the end!
Educate Yourself on Closing Costs
It costs a lot of greenbacks to close on a house and surprisingly, many first timers don’t know this and therefore, aren’t prepared when the time comes to buy a home. When you get pre-approved for the loan, ask your lender about your closing costs and what it entails. You’ll need to pay a loan application fee, appraisal, prepaid interest, real estate attorney, and more. The average closing costs run between 2% – 5% of the loan amount.
This is all aside from your down payment, which will vary by loan, and you’ll also need to get a home inspection (which could cost up to $1000) plus any additional inspections that might be needed (like septic, HVAC, etc.). Make sure to speak with your lender in the beginning and ask them plenty of questions.
Your Logical Choice
We help buyers in Southwest Florida buy homes all the time and make it as stress-free as possible for them. Talk to us today to see if we can help you get into the home of your dreams!
