Purchasing a home is very exciting, especially if it is your first time doing so. You’ve been waiting a long time for this! However, you would be remiss if you think that it is all going to be fun. While picking out the house itself is certainly going to be a good time, you don’t want to make a mistake during the process that haunts you for years to come. It is possible! But don’t worry… we’re here to help. Below are the three most common home-buying mistakes that you should avoid:
#1 Making an Offer Without Thinking it Through. Don’t place a purchase offer lightly! Make sure when you place an offer for a house you are interested in buying, you understand the consequences of doing so. You are entering into a binding contractual agreement- if the seller accepts and agrees, of course. While it is possible to get out of an offer, it can be extremely difficult and expensive to do so. This is one of the things your chosen Real Estate Professional will help you with.
#2 Skipping the Inspection. This stage happens once the seller has accepted your offer, but prior to the official and legal purchase of the house. A seller must legally disclose the home’s present and known “defects” to you. You have the opportunity to complete an investigation of the house to discover any conditions that may decrease the value of the home. Too often, a buyer is so eager to purchase a specific home that they skip this process. If you hurry through this, you could later find out that the home has some type of defect that should have substantially lowered the price. Common problems found through a home inspection include mold, termites, and issues with the roof or plumbing. As the buyer, if you skip the inspection process an subsequently find undisclosed defects, you must then either pay to have those defects fixed, or sue in court to have those costs paid for by the seller. This can result in expensive litigation or out-of-pocket expenses, depending upon the exact type of defect. This is why it is important to make sure you hire a qualified home inspector and avoid a lot of headaches later on, even if it means losing out on what you thought was a great house and starting the process over again.
#3 Not Doing Your Due Diligence When it Comes to Insurance. Homeowners insurance is important- very important. This is true for everyone, but particularly true for our area because of our propensity to be hit by hurricanes. If and when the next storm hits, you could be devastated to find out that some of your damage isn’t covered by a shoddy insurance plan. For instance, did you realize that flood damage is not covered by a regular insurance plan? You need to purchase a separate Flood Insurance policy. Be sure to take your time and purchase the right coverage for your home.
If you have the right Real Estate Professional working with you, the entire home buying process will be a lot easier. He or she will make sure you don’t make any of these major mistakes, as well as any others. For first-time home buyers in Southwest Florida, the people to trust are The Beattie Realty Team! Helping you find, tour, and ultimately buy the perfect home is what we do best. Call Mark at (239) 994-6187 today to get started!