The Four Most Common House-Buying Mistakes We Can All Make

IWhether you are looking to purchase a fixer upper or you are looking to move to a bigger property, the fact is that buying a home can be a very emotional practice. Owning your home is the goal but so many people fall prey to a number of common mistakes. Let’s show you some of these major mistakes so you can better prepare yourself. 

Not Understanding What You Can Afford

When we fall in love with a particular place, it can be hard to detach ourselves. The great thing is that with so many houses available, from quick move in homes to fixer uppers with bags of potential, if you can’t afford that house it’s not good to imagine yourself in it. This is why you’ve got to really understand what your financial limits are. But it’s not just about the price range, it’s about making sure that you can realistically afford the home while living there. 

Not Shopping Around

It’s important to be realistic in your search but you need to think about the big picture. For example, if you plan on having children and you need three bedrooms there is no point in getting a two-bedroom home. At the same time, you don’t need to buy a property just because it’s cheaper, as this cheaper property may throw up a bunch of problems especially if you purchase an apartment where you end up sharing a wall with neighbors. The fact is that when you are looking for a specific home, there are usually similar homes within your budget. So many people have their hearts set on something that’s 100% perfect, but even if you can find something that is 80% perfect, you can fix this up to your standards. But this is why you’ve got to shop around in the first place, rather than setting your heart on one property. 

Overlooking Crucial Flaws

Another thing that we’ve got to consider is that if we’re going to purchase a fixer upper, we need to really make sure if we can do the work ourselves or hire the right people. Because if you think you can do all of the updating by yourself but find out you can’t, this could double your housing budget. When you evaluate your budget and your abilities, you will have a better idea if you can find a property that really suits your needs. 

Offering Over the Asking Price

If you find there’s a lot of competition, you could be sucked into a bidding war. But if you start offering too much above the asking price or even too much over what the property is worth, if you sell the house years down the line you may not be able to get rid of it because you had offered too much initially. In this situation, you would potentially have to pay cash for the difference if the bank wouldn’t give you the loan when the seller reduces the price. 

Buying any house is a massive decision but there are a lot of things that come into play, not just financially, but emotionally as well.

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Mia Guerra

Mia Guerra

Executive Editor at Chispa Magazine
Executive Editor at Chispa Magazine, Mia Guerra is a writer at heart. Regardless the topic, she loves to investigate, encourage, and ruminate on topics that can make us better people. Aiming to live a Proverbs 31 life, Mia is ecstatic to be following her calling with Chispa. At home she is her husband's sidekick and together they are raising a God-fearing family in Atlanta.

Mia Guerra

Executive Editor at Chispa Magazine, Mia Guerra is a writer at heart. Regardless the topic, she loves to investigate, encourage, and ruminate on topics that can make us better people. Aiming to live a Proverbs 31 life, Mia is ecstatic to be following her calling with Chispa. At home she is her husband's sidekick and together they are raising a God-fearing family in Atlanta.