Three Costly Home Buying Mistakes To Avoid

02 May

The purchase of a home is likely one of the largest investments you will make in your lifetime. You want to make sure you are getting it right. Fortunately, many home buying mistakes can easily be avoided if you know what to do. Here are just some of the costly mistakes you want to avoid.

Visiting A Home Too Few Times

It doesn’t matter if you walk into a home and quickly realize the property is everything you’ve ever dreamed of – don’t make up your mind after a single visit. A home is a major investment so you want to be certain.

For example, the house might be great, but once you visit the property again and see the neighbors, the thought of living next to them might seem like torture. You might even find that the layout isn’t functional for your family after a second view, for example. Visit a property several times at various times of the day to get a better idea if it’s right for you.

Skipping A Land Survey

Avoid purchasing a home without having a land survey performed. A primary benefit of this process is to provide you with an accurate assessment of your land. Without a survey, a neighbor’s fence could be infringing on your land or should a dead tree need to be removed in the future, having a clear idea of your property line can help you determine if you’re responsible for the removal cost or your neighbor.

A land survey can also tell a story about the soil beneath your home, which can be especially helpful in the event an issue arises in the future, such as foundation failure.

Budgeting Inaccurately

When most people start budgeting for a new home purchase, they start by figuring out how much they can afford to spend each month on a mortgage. While this is a good start, looking at your budget this way is a mistake. The total amount you can afford to spend each month doesn’t mean you can afford a mortgage that equals this amount.

This figure also needs to include the cost of insurance, routine maintenance and unexpected repairs. Make certain you’re planning accordingly to ensure you can actually afford the real cost of owning the home.

When you’re ready to purchase a home, make sure you aren’t making this decision in haste. Working with a team of professionals, including a trusted real estate agent and land surveying professional, can help you ensure you are making the right choice.

For a land survey, contact a business such as Krause & Gantzer