Many home buyers are very diligent when it comes to studying up before they make their purchase. However, far too often 6 very important things go overlooked. These common oversights can result in you losing money, wasting time, and cause unnecessary regret. Now, let’s make sure you know about these common oversights, so you can make sure they don’t happen to you!
1. Resale value
In today’s housing market, people aren’t staying in their homes 20, 25, 30 years like most of the generations did before us. Things are changing fast and people are moving around and valuing flexibility more and more. People change jobs, people want to be closer to kids – life change things. This is why it’s important for home buyers to consider the re-sale value of the property they’re considering.
Try and land something with a wider range of appeal, rather than a unique home that might only pique your personal interest. You might even want to discuss buying patterns that your real estate agent has seen in the surrounding area. Buying a home should feel right but it should also be a practical investment. Let your heart influence your decision but allow practicality a place in the decision-making process.
2. Focusing on the wrong expenses
Home buyers often focus so intently on the mortgage payment and closing costs that they forget to look down the line at additional expenses that are sure to come up. Of course, the closing costs and mortgage payments are important but make sure when looking at your budget you’ve taken into account the possible landscaping costs or other additional fees that will inevitably be built into owning this particular home. It’s perfectly acceptable to ask the seller for an expense list just so you can plan accordingly.
More often than you might think home buyers finalize their purchase before they’ve actually researched the type of restrictions they’ll have to work with. Sometimes you might find that you can’t do that add on because of zoning laws, or maybe you didn’t realize you’d have to park down the street! “Restrictions” can often be completely overlooked and they can really put a damper on the vision you had for your new home. Be sure to discuss any type of restrictions with the home with your agent.
4. Previous renovation work – is it up to par?
Home buyers can often get wrapped up in the excitement of the “perfect home” that they neglect to look into the previous construction or renovations that took place. This is only an issue if the work wasn’t up to the proper standards. While everything might look fine now, you could find yourself forking up excessive amounts of money to potentially repair a problem you never saw coming. So make sure you look into every bit of work that went into your home and confirm that it was properly inspected and permitted.
5. The HOA
This really just comes down to proper due diligence. Never, ever close on your home without doing proper due diligence. Typically HOA’s make your living conditions much easier but occasionally you’ll run into some unexpected drama and chaos. Request, and read, all HOA rules, regulations, bylaws, and financial documents BEFORE closing on your home purchase.
6. Have you studied the neighborhood?
Make sure you look at the crime rates, schools in the area, commute times, etc. These might sound pretty straightforward to you but again, you’d be surprised by the type of information that gets overlooked because of excitement over the home itself. Discuss these things with your agent as well as any other type of info you should be looking for to make the best possible decision you can.