Buying your first home is exciting, but it’s easy to make mistakes. Here are the common pitfalls.
- Not working with a Realtor
Buyer’s representation is crucial, especially when it comes to hot housing markets like Miami. A Realtor can give you insight into the high end of the market and the trends that shape it. They will protect your interests during the home buying process, making sure you get the best deal possible. They can negotiate on your behalf and increase your chances of ending up with the home of your choice.
- Not making an offer fast enough
Miami housing is in high demand, and homes get snapped up fast. That’s why you need to make quick decisions. Be ready to make an offer as soon as you see a house you like. Otherwise, another buyer will come along and make an offer before you do.
To be able to act decisively, you need to have a clear idea of what you want. Come up with a list of must-have features, and communicate these to your Realtor. This lets them know what you want, allowing them to search for listings that match your criteria.
- Making a weak offer
Even if you make an offer right away, there’s no guarantee that the seller will accept it. As a rule, your first offer should be your best offer. This doesn’t necessarily mean that you have to put in a higher offer, though it definitely helps. Sellers will also pay attention to how fast you can close the deal, and whether or not you’re willing to forego some contingencies.
- Skipping inspections
There’s no substitute for a thorough inspection. This is the only way to know if there are any major defects with the home. If you’re buying luxury property, you might require separate inspections for amenities like outdoor pools.
Look for a professional inspector who can give you an unbiased assessment of the home. This helps you identify any underlying problems can cost you time and money in the long run. This also ensures that you truly are getting what you’re paying for.
- Not familiarizing yourself with the neighborhood
You’re not just moving into a new home, you’re also moving into a new neighborhood. Take the time to scope out the area to see if it reflects your lifestyle and values. Do research on the schools, amenities, and any restrictions they might have on remodeling work.
Ask about any developments that might affect your purchase down the line – for instance, a new construction home might end up blocking your views of the ocean, and so on.
- Not asking enough questions
Buying your first home is a great opportunity to learn about real estate. Feel free to ask your Realtor questions as you go along – this will familiarize you with the process from start to finish. You’ll be armed with information the next time you enter the market for a new home.