Especially if you are a first time buyer, buying a home can be an exciting prospect. Unfortunately, that excitement can lead you to overlook potential problems. Slow down and make sure you know what you’re getting into, otherwise you may regret your purchase. On the bright side, there are a few things you can do to curb potential issues.
Possibly even before looking at homes in an area, you’ll want to get to know the area itself. Visit the neighborhood to learn about the local amenities and maybe meet potential neighbors. When inventory is low, you may be tempted to look at homes that are slightly out of your budget. While this can be a good way to find homes that are overpriced, if it turns out the home is actually out of your price range, don’t think too much about it. Stick to what you know you can afford. But that doesn’t mean go looking for dumps that are well below your price point. Even if you’re a DIY type of person, fixers are a big job and frequently more trouble than you’d expect.
Another thing you don’t want to get involved with is large bidding wars. Even if you eventually win the war, it likely came at the cost of paying more than you intended. It may not be worth the cost anymore. Getting involved in homes that are selling fast also doesn’t give you time to really think about the properties. It could be an excellent deal for someone, but that someone isn’t necessarily you. When you do find a home you like, don’t rush to make an offer immediately. If you think you’ll run out of time, that also means you’ll probably run into a bidding war. Instead, take your time, look at other properties, then come back and look at that property again. You may find you missed some details that could be a dealbreaker.