So you’re buying a house… or maybe you’re wanting to buy a house in Roseburg. The experience can be somewhat stressful and even overwhelming if you rush into it unprepared. And, there are certainly some common home buying mistakes you should avoid when buying a house.
However, there are things you can do that can make the process more exciting, fun, and enjoyable as opposed to the stressful and overwhelming time of frustration that some buyers experience.
You’ve seen the prices and it’s no secret, buying a house is a big investment, and there are many factors to consider before making a purchase. Unfortunately, many people make mistakes when buying a house that can end up costing them both time and money when all is said and done.
If you’re thinking about entering the home buying market, read on. In this short blog post, I’ll share the top 9 home buying mistakes to avoid when buying a house in Roseburg OR.
Mistake #1: Not Getting Pre-Approved for a Mortgage
You have probably already heard that one of the biggest home buying mistakes people make when buying a house in Roseburg is not getting pre-approved for a mortgage. It is very important that you take this step before starting the home shopping process.
Many first-time homebuyers mistakenly assume they can afford a certain amount based on their income, but they may not be taking other expenses and ratios into account. Getting pre-approved for a mortgage will give you a clear idea of how much you can afford to spend on a house and which houses are priced within your budget.
Getting pre-approved also gives you credibility in the seller’s eyes when you make an offer. A seller who is entertaining an offer with a pre-approval letter attached is more likely to accept the offer than a comparable competing offer without a pre-approval letter or just a pre-qualification letter.
Mistake #2: Not Working With a Real Estate Agent
Another home buying mistake people make when buying a house is not hiring an experienced real estate agent. A good real estate agent can help you through the entire home-buying process, from providing a good lender recommendation to finding the right house to negotiating the price, and finally… closing the deal.
As one of the top real estate agents in Roseburg OR, I can also provide valuable advice and insight into the local housing market trends. This is extremely important information to consider when negotiating a real estate deal. As Roseburg local real estate agents with over 28 years experience, my team and I can help you find the right property you’ve been looking for at a price you want to pay.
Mistake #3: Not Doing Enough Research
It seems like every home buyer has a well meaning family member who thinks they know everything about real estate. The mistake I see many buyers make is taking the advice as fact without doing enough research to see if the advice is valid for the current market conditions.
Because of market trends and cycles, the way we do things today looks totally different from the way we did things back in 2009.
The market cycles and new trends emerge. Because of this, some advice might be great for one market but not in another. So be careful when taking advice from anyone. Another reason to work with an agent who understands the market and can provide you with the information you need to do your due diligence.
Bottom line, buying a house is a big decision, and it’s important to do your research before making a purchase. Don’t be one of those homebuyers who make the mistake of not doing enough research on the neighborhood, school district, and local amenities.
It’s important to research the area thoroughly to ensure it’s the right fit for you and your family. If you have any questions about Roseburg neighborhoods, don’t hesitate to reach out to me direct at 541-643-1131.
Mistake #4: Overlooking Hidden Costs
Ignoring or overlooking the costs is another home buying mistake I see people make. When buying a house, there are many “other” hidden costs that you might overlook. The most common of these costs include closing costs, prepaid property taxes, homeowner’s insurance, HOA fees, and maintenance expenses.
It’s important to factor in all these costs when determining your budget and choosing a house. Don’t get in over your head, or you could end up with a case of buyer’s remorse or even worse… shackled to a higher payment than you’re comfortable with.
Mistake #5: Falling In Love With A House
Emotions play a large part in all buyer’s decision to buy. The truth is, it’s easy to fall in love with a house, but it’s important to keep your emotions in check. Emotions… another home buying mistake to avoid.
Many people make the mistake of buying a house based on emotion rather than practicality. It’s important to feel the emotional connection with the house, but it’s equally as important to consider other factors like the location, size, livability, neighborhood, and price, before making a decision.
Don’t let emotion get the best of you, causing you to buy a house that you’ll regret later… again it’s a perfect recipe for buyer’s remorse.
Mistake #6: Skipping The Home Inspection
Because of the competitive nature of the market we’ve been in, we’re seeing offers where buyers are skipping the home inspection. Even in balanced or buyers markets, I get asked if it’s really important to have a home inspection done.
Skipping the home inspection is another common home buying mistake people make when buying a house in Roseburg. Why is a home inspection important?
A home inspection can reveal potential problems with the house, such as structural issues, plumbing or electrical system defects, past leaks, rot, and many other potential problems.
It’s important to have a professional inspection done soon after making an offer on a house, otherwise, you may find yourself stuck with problems you can’t afford to fix. Buyers in the Roseburg Oregon area usually ask for 10 business days to complete the home inspection.
Mistake #7: Not Negotiating Or Bad Negotiation
Many Roseburg home buyers make the mistake of not negotiating when buying a house or working with a real estate agent who isn’t really skilled in negotiation. Why anyone would work with a real estate agent who is inexperienced or unskilled in the art of negotiation is beyond me.
With such a large purchase, bad negotiation skills could easily cost you thousands of dollars at the closing table. Sure, they might be a really nice person, but are they skilled? That’s what you need to know.
Remember, the asking price is not necessarily the final price. All sellers, and I mean all have a bottom dollar in their mind and it’s usually not the listing price.
The key is to find out:
- What that number is.
- Is that number good enough for you to buy it?
- How stuck the home seller is on that number.
Negotiating can help you get a better deal on the house and save you tons of money in the long run. Keep in mind, there are other things other than price that you can negotiate.
You can negotiate on things like furniture, lawn equipment, home warranties, or misc. home buyer credits. Avoiding Home buying mistakes like these are what ends up saving homeowners a lot of heartache in the long run.
Mistake #8: Not Considering Resale Value
When buying a house, it’s important to consider the realistic resale value. You may love the house now, but it’s probalby not your forever home.
How hard will it be to sell in the future? It’s important to consider the location, size, floor plan, and condition of the house when determining its resale value. Of course, you will make your home your own, but not considering the possibility of future changes is an overlooked home buyer mistake that people make.
Mistake #9: Not Understanding The Contract
Many people make the mistake of not understanding the contract when buying a house. They just point and click to initial and sign on the yellow box without asking their real estate agent to explain much of anything.
A little use of common sense here goes a long way. Ask your agent to explain things that don’t make sense, especially if you’re a first time homebuyer. Your agent does real estate every day and you don’t. It is okay to slow him/her down and ask them to explain.
So, read the contract carefully and ask questions if anything is unclear. You don’t want to sign a contract only to realize later that you missed an important detail. This is on of the top home buying mistakes homebuyers can make.
While buying a house can be a complex process, avoiding common home buying mistakes can make finding your new home a lot more fun. My team love helping homebuyers through education, expert market advice, and skilled negotiation.
Just remember to do your research, work with a real estate agent who “knows their stuff” and can prove it to you, and factor in all expenses before making a decision. With careful planning and paying attention to the details, you can find the perfect home for you and your family.
Are you ready to buy a new home in Roseburg or the surrounding areas? Reach out to Troy Schuyler and The Sky Team to learn more about what we offer and how we can help you. 541-643-1131