Buying a house is truly an exciting journey that you're not going to forget. From house hunting and finding your dream home to actually making a purchase and moving in, it’s a roller coaster ride in the best way possible. Some make it look like a walk in the park. And others are surprised to find out that it doesn’t always pan out as expected. If you’re looking to buy a house, here are some things to keep in mind to help level your expectations.
Expectations Versus Reality When Buying a Home
Expectation: Everything Will Go Perfectly According to Plan
Reality: Be Ready to Roll with the Punches
Having a priority list is helpful to know what exactly you’re looking for. But unless you’re designing and building your house from scratch, it’s highly possible that you won’t be able to tick every box in there. You might have to compromise on things like the style of the house, budget, location, and other requirements you had previously listed.
While you want things to go as planned, it’s essential that you’re open to considering other options and finding a middle ground. If you have too many requirements, it could be difficult for you to find and buy a home. And you might miss out on other amazing alternatives.
Remember, when it comes to buying a home, planning is key, but you'll still have to be flexible and patient.
Expectation: It’s as Easy as 1-2-3
Reality: There Will Always Be Steps 4-5-6…100
Many people think that buying a house is completely straightforward - find a place, put in an offer, get approved, and move in. But in reality, a lot more things happen beyond that, even behind the scenes, that you won't even see.
For one, the search process can take longer than you expect. The deals, mortgages, and legal matter tend to go through a process that can take some time. Beyond the price, some sellers consider the closing costs, closing time, and even what stays with the home when deciding on what offer to take.
There are so many steps involved when buying a house. And a lot of things can change in the process. Again, it’s essential to prepare as best you can ahead of time, but you also need to be open and flexible.
Expectation: It'll be Love at First Open House Viewing
Reality: Take Time to Really Get to Know the House
Smart house hunters know that there are a lot more details to look into than simply how gorgeous the property is.
It’s vital that you pay attention to any possible issues with the property. Check for mold and stains. Knock on walls and step on floors for possible foundation issues. Open the washing machine, dryer, and dishwashers to ensure that there are no unwanted scents or creatures.
Look into the roofing, the plumbing conditions, and the ventilation system of the house. Double check on its proximity to important locations like highways, hospitals, police stations, schools, and supermarkets. Learn about the safety and security of the neighborhood.
When you find a house you’re interested in, always have a second and even third inspection to ensure it doesn’t come with surprises that could end up costing you more. And don’t hesitate to ask if you’re doubtful about anything. It’s potentially your future house.
Expectation: With a Mortgage Pre-Approval, I’m Good to Go
Reality: Mortgage Pre-Approval is Just One Part of the Journey
Having a mortgage pre-approval is helpful because it gives sellers the confidence in your ability to pay them, thus putting you up higher on their list. However, it’s just a small part of the whole house-buying process.
Your monthly payment will consist of more than just your mortgage. Get a more accurate estimate and budget for other house-related payables like homeowner’s insurance, property taxes, homeowner’s association fees, and monthly utilities. You also need to take into account future expenses such as maintenance and renovation costs for bigger projects, emergency funds, and life insurance.
Homeownership can come with a lot of recurring costs. That’s why it’s essential to factor in other expenses, on top of the property prices, when deciding how much you can afford.
Expectation: I Can Do This by Myself
Reality: Yes, But You’ll Miss a Lot of Details
With so many real estate apps and websites, many buyers believe that they can manage the whole house buying process on their own. And they certainly can – but it could lead to them missing out on vital information about the market. Many also believe that going the DIY road will save them money.
In reality, there’s only so much you can learn from online resources. And, there are a ton of moving parts. The real estate industry changes so fast that it can be difficult to stay up-to-date. But when you work with experts, you’ll have someone to help ensure that you’re well-informed and properly guided so you can feel comfortable about making a purchase.
Having a licensed home inspector can help you identify potential issues on the property. A mortgage broker can help ensure that your finances are structured to meet your home requirements. A financial adviser can guide you in your cashflow situation and financial strategies, ensuring that you’re investing in something the right way. A real estate agent can help you access and find high-quality properties and qualified sellers, manage inspections, and advise you about your dream home and neighborhood.
Working with qualified professionals will help you save time, money, and energy (and even stress) in the long run.
With so many moving pieces and things to consider, buying a house can be a confusing and overwhelming road for homebuyers. That’s why it helps to consult and work with experienced real estate agents who can guide you throughout your house buying journey. And that’s where The Brendan King Group comes in.
We’re a group of experienced agents and Las Vegas experts who can assist you every step of the way to make sure you find your dream home. Contact us today to learn how we can help!