The pre-approval process does not take long, but it could lead to a homeowner missing out on making an offer on a hot property. It's best to get pre-approval BEFORE you even start looking at homes. This process helps you know exactly how much you can afford in a home and lets you and your REALTOR® know what price range to search within. Once it comes time to make an offer, a pre-approval letter can help you seem like a more serious buyer to the home seller.
Maxing Out Your BudgetWhen you do establish a budge for your home search, it's important to keep all of your expenses in check. Many homeowners will find a property at the top of their price range. While this is still within your price range, it can limit your budget for other life expenses.
Too Many Advice OutletsWhen buying a home, family, friends, and real estate professionals all try to give their best advice for you to follow in the process. The tricky part is when all of these sources of advise start to contradict each other. Take a step back and really listen to the few sources that you fully trust, when searching for the perfect home for you and your family.
Skipping the Inspection ProcessSome loans to not require a home inspection to be completed. While it may not be necessary for your financial source, it's a good idea to pay for an inspection of a property that you wish to purchase. A professional inspector can help to point out structural issues, that you may not even be aware of in a home. It's best to get an inspection to know exactly what the home you are interested in needs to be a safe place for you to live.
It's great to find a home that you truly like, but getting your heart set on a certain property early in the process can be frustrating. You never know what will happen with the home - whether it doesn't pass inspection or the seller won't come off the asking price - try to stay positive during your home search and find the right home that is meant to be for you and your family.
Now that you know some of the most common pitfalls, you can work to avoid them when it comes time to search for your dream home. Steer clear of these home buying pitfalls when buying a home at the Lake of the Ozarks. If you are ready to jump into homeownership, contact Eagle's Nest Realty today. We look forward to helping you through the home buying process and help you reach your dreams of homeownership.
Call (573) 374-0769 to schedule a showing today!