As new construction continues to boom around the Gilbert area, housing inventory in the area continues to grow. Along with this, the real estate market has been witnessing strong trends in rising home values and consumer confidence. With these positive signs, you may have started searching for your next home. However, as you begin, you want to avoid making common home buyer mistakes. These mistakes could cost you money and general happiness while living in the house. So, here are a few tips to avoiding common home buyer mistakes:
1. Don’t Bust Your Budget
Shopping around for a new house can be an exhilarating experience. It’s easy to fall in love with houses that feature top-of-the-line upgrades like granite countertops and in-ground swimming pool, but those couple extra thousand-dollar upgrades can cost you. Home buyers typically look at the top end of their affordable monthly budget, but they usually don’t consider what happens if you happen to lose your job or if your income decreases.
To avoid making this mistake, you should start the home buying process by getting pre-approved for a mortgage. A lender will help you identify what you can afford and how much you need to budget for. To help save extra money, it’s even advisable to cut off 20% from the pre-approval number, so you can regularly save money for home maintenance or emergency funds.
2. Don’t Forget about Extra Costs
A lot of home buyers consider buying a home (and the following monthly mortgage payments) as a replacement for the monthly rent they use to pay. But there are extra costs to factor in, such as property tax, utilities, and home maintenance. When budgeting out your home purchase, add these into your costs to make sure the home remains within your affordability range.
3. Don’t Skip a Home Inspection
It’s easy to find a home you love and feel is a great buy — just from your experience touring it. However, even homes that look like they’ve been kept in the best condition doesn’t necessarily reflect that in other areas, such as the foundation. Never skip out on a home inspection when buying a house. An inspector will reveal any flaws with the home, giving you awareness to what you are buying. The last thing you want to do is pay full price for a home that has water damage or cracks in the foundation. Save yourself any possible costs and problems in the future by getting an inspection. We can even recommend you to some of the best home inspectors in Gilbert, AZ.
Buying a Home in Gilbert, AZ
As you begin the home buying process in Gilbert, do your best to avoid these mistakes. Set a budget and factor in additional costs. We never know what the future holds for us, so you should prepare for any possible emergency. Use the process, such as getting the home inspected, to your advantage. The more information you have, the better you will feel moving into a new home. The only step remaining is finding the right home for you — which you can do here: