7 Mistakes People Make When Searching for a New Home

Moving to a new home is an exciting time! But it can also be a stressful one. There are so many things to think about and prepare for before the big decision. It's easy to get overwhelmed. To help you out, we've put together a list of 7 common mistakes people make when they're searching for a new home. Hopefully, by avoiding these pitfalls, you can make the process a little less stressful.

Not being clear on what you want

It's important to have a good idea of what kind of home you're looking for before you start your search. Do you want a single-family home? A townhouse? An apartment? How many bedrooms and bathrooms do you need? What kind of amenities are you looking for? The more specific you can be, the easier it will be to find a home that meets your needs.

Not knowing your budget

It's also important to know how much you can afford to spend on a new home. Keep in mind that there are more costs associated with buying a home than just the purchase price. There are also closing costs, moving costs, furnishing costs, and more. Make sure you factor all of these costs into your budget so that you don't end up overspending.

Skipping the pre-approval process

Once you know your budget, the next step is to get pre-approved for a mortgage loan. This will give you a better idea of how much money you can borrow and at what interest rate. It will also help strengthen your offer when you find a home you want to purchase. 

Not working with a real estate agent

Trying to navigate the world of real estate can be tricky. There are so many different rules and regulations involved in buying and selling property. It's helpful to have someone on your side who knows the ins and outs of the process and can help guide you through it all. 

Failing to do your due diligence

Before making an offer on any property, be sure to do your research first! Has the home been inspected by a professional so that you know if there are any major repairs that need to be made? Research the crime rates in the area, as well as the quality of the schools if you have children. Look into the future development plans for the area as well—you don't want to find yourself living next to a construction site in five years! 

Making an emotional decision

Buying a new home is an emotional process, but it's important not to let your emotions cloud your judgment when making such an important decision. Just because you fall in love with a house doesn't mean it's the right house for you and your family—be sure to really think things through before committing to anything! 

Forgetting about resale value

Even if you're not planning on moving anytime soon, it's important to keep resale value in mind when purchasing a new home. After all, you never know what might happen down the line! If possible, try to find a property that will appreciate in value over time so that if and when you do decide to sell, you'll be able to get top dollar for it 

 

We hope this list has been helpful! Remember, moving is supposed to be an exciting time—don't let it turn into a nightmare by avoiding these common mistakes! If you do find yourself getting stressed out just take a deep breath and remember that we're here to help. Feel free to give us a call or stop by our office anytime —we'd be more than happy to walk you through the process so that you can enjoy your new home worry-free!


How to Pick the Perfect Home for You and Your Family

Searching for a new home is an exciting but potentially overwhelming process, especially if you're doing it for the first time. There are many factors to consider, from the location to the size of the home to the type of neighborhood. It's easy to get lost in all of the options and end up with a home that's not quite right for your family. But don't worry – we're here to help! In this blog post, we'll give you some tips on how to pick the perfect home for you and your family.

 

Define your needs

The first step in finding the perfect home is to sit down with your family and figure out what kind of space you need. How many bedrooms and bathrooms do you need? Do you need a yard? Would you prefer a single-story or multi-story home? Once you have a good idea of the kind of space you need, you can start narrowing down your options. Location is another important consideration. Do you want to live in the city, suburbs, or countryside? Each option has its own unique benefits and drawbacks. Once you've considered all of these factors, you'll be well on your way to finding the perfect home for your family.

Decide on a budget

Of course, another important consideration is your budget. How much can you afford to spend on a new home? It's important to be realistic here – there's no point in falling in love with a home that's way out of your price range. Once you have a budget in mind, you can start looking at homes that fit within that price range. This will help to narrow down your options and make the home-buying process a bit more manageable. Keep in mind, though, that your budget is not the only factor to consider. You'll also need to think about things like location, size, and amenities. But if you have a clear budget in mind, it will be much easier to find the perfect home for you and your family.

Consider your commute

The amount of time you spend commuting to and from work can have a big impact on your quality of life. If you're looking for a new home, it's important to take into account how long it would take you to get to work from each one. The last thing you want is to spend hours every day sitting in traffic. You should also consider the commute of any family members, especially if you have kids. You might be willing to sacrifice a longer commute if it means living in a nicer neighborhood or being closer to family. Whatever your priorities are, make sure to factor in the commute when you're searching for your new home.

Think about the future

Picking a new home is a big decision, and it's one that shouldn't be made lightly. There are a lot of factors to consider, and you'll need to weigh your options carefully before making a final decision. One important factor to keep in mind is your future plans. If you're planning on starting a family soon, for example, you'll want to choose a home that has enough space to accommodate a growing family. Likewise, if you're nearing retirement age, you might want to choose a smaller home that will be easier to take care of as you get older. By thinking about the future as well as the present, you can make sure that you choose a home that will suit your needs for years to come. 

Pay attention to your gut feeling

There are a lot of factors to consider when choosing a new home. Location, price, size, and amenities are all important considerations. However, after you've weighed all of these factors, it's important to go with your gut feeling about which house is right for your family. Sometimes, you just know when you've found the perfect place. So go with your instincts and choose the home that feels right for you! You'll be happy you did.

 

We hope these tips were helpful as you begin searching for your new home! Remember, there's no such thing as the perfect house – but there is such thing as the perfect house for you. Just keep these factors in mind and trust your gut, and we're sure you'll find the perfect place for your family in no time. Happy house hunting!


What You Should Know Before Buying a Foreclosure

Who doesn't want to save money when they're ready to buy a house?  A foreclosed house can appear to be an attractive option. There is no doubt that foreclosed homes sell for less, sometimes much less, than homes listed and sold on the open market by real estate agents and owners.

Unless you're a professional real estate investor, it can be difficult to purchase a foreclosed property. Some foreclosed homes have so much damage that the repairs required to make them habitable quickly deplete any savings on their sales prices. Plus, you'll be competing with others who make their living by buying, repairing, and selling foreclosures. 

As you can see, buying a foreclosure can be a huge challenge. Here are some tips you should know before buying a foreclosed home…

Foreclosed Homes Come With Risks

While a foreclosure is a profitable investment, it also comes with the previous owner’s problems. Here are some of the most commonly seen problems:

Financial Risks

Outstanding debts such as back taxes and liens are frequently attached to auction properties. As a result, an otherwise desirable home may be subject to further costs. Before the buying process can begin, any outstanding debts must be satisfied.

This primarily applies to properties that are being auctioned off. Before reselling a property, banks pay off any liens attached to it.

Physical Risks 

Keep in mind when buying a foreclosure that the risk may greatly exceed the potential reward.

If the home is still being occupied, it may be poorly maintained. If the people can’t make the payments, they could well be falling behind on maintenance and repairs.

Some people facing foreclosure are enraged, and they may take out their frustrations on their home before the bank repossesses it. This could mean taking appliances, light fixtures, and any other valuable pieces of the home upon departing.

Another thing to consider is if you buy a foreclosure at an auction, you won’t get the opportunity to inspect the inside, and you are buying the home sight unseen. 

Foreclosures Attract Competition

When dealing with desirable foreclosed properties, increased interest and competition is unavoidable, not only from potential occupants but also from investors and professional house flippers. Foreclosed homes priced competitively can attract many offers quickly, resulting in a bidding war, which can turn a bargain into a costly investment.

Purchases of foreclosed homes quite often fall through, so you could potentially see your desired property appear back in the inventory if you check periodically.

Foreclosure Purchases Can Be a Long Process

The closing of a foreclosure typically requires additional documents to be completed. On top of that, response times between the bank and other parties involved with real estate-owned properties can be pretty slow. You may have to wait longer than you’d like after putting in a bid on a property as well, especially if the bank is processing many other requests.

If you intend to finance the purchase, you should get a mortgage pre-approval. It is likely to quicken the process.

In Conclusion

Foreclosed homes can appear very appealing on the surface. However, costs can be highly unpredictable, and underlying damage may render a property unmarketable. Some people may reconsider buying due to the lengthy process, while others may be turned away by the high demand for attractive foreclosed properties.

Foreclosures can sometimes wind up being incredible deals. With all of this being said, our Realtors at 316 Realty Group are more than willing to assist you in the process. Reach out to us today and let’s get started!


Why Is a Home Inspection Important?

Whether you've purchased five homes or are about to buy your first, a home inspection is almost always recommended. You will actually find that it is one of the most common contract contingencies from home buyers is a home inspection. Continue reading to find out why a home inspection is so important and will benefit you in the purchase of your new home!

Home Inspections Reveal Safety Issues

Having a home inspection completed gives you the opportunity to have your potential home thoroughly investigated. A good and experienced home inspector will always find some issues with a home, even a newly built home. Some findings may not pose a huge threat, but some could potentially be serious and life-threatening issues, like mold or faulty wiring. 

Worn roofs, inoperable windows, and plumbing deficiencies are some common home inspection findings. The end goal of having an inspection performed isn’t to make sure every detail of the home is perfect to your liking, but to discover and take care of any safety issues. 

Home Inspections Can Identify Future Repairs

Buying a home can be a pretty significant investment, and a lot of buyers will be left with what feels like a depleted bank account. This means it’s important to know what lies ahead as far as expenses with your new home. 

Your home inspector could make you aware that the roof is coming close to the end of its life, so it would be a good idea for you as the buyer to keep that in the back of your mind, and possibly start setting some money aside to replace it in the future. This could also be the case for windows, appliances, air conditioning, and many other things. You will appreciate having the heads up instead of being surprised down the road! 

Home Inspections Allow for Negotiations

After a home inspection is completed, you as the buyer will have the opportunity to request repairs from the homeowner, and they will agree or disagree with taking care of the proposed repairs. Keep in mind though that the seller is not obligated to fix anything. 

Without a home inspection, you wouldn’t have the opportunity to request repairs from a seller. You can request the repairs be made, the purchase price be reduced, or give you a cash credit at closing to fix the problems yourself. This is where a home inspection can pay for itself several times over.

In the event that none of these options are available (for example, if the property is bank-owned or is being sold as-is), you can get quotes to fix the issues yourself and create a repair plan in order of importance and affordability.

Final Thoughts

In light of these reasons, it is very important to conduct a home inspection before purchasing a home. While it may cost you a little bit of time and money, in the long run, you'll be glad you did it. Remember no home inspector is perfect and could overlook issues during a home inspection, they will inspect the home in far greater detail than you and your real estate agent did during your initial visit. 

If you're not sure how the home buying and inspection processes work, one of our Realtors here at 316 Realty Group would be delighted to share their expertise and knowledge with you and provide some recommended home inspectors in the area. Reach out to us today!