These 10 mistakes are common amongst Lakeland FL home buyers.
Buying a Lakeland Fl home is probably the biggest, if not most expensive decision you will ever make, so you couldn’t afford to make even a small mistake with it. One wrong move could spell disaster and cost you hundreds, or even thousands of dollars.
In order to avoid these mistakes, you first have to be aware of the most common home buyer mistakes – because knowing is winning half the battle.
1. Doing it alone. The homebuying process is a complicated and lengthy one so you should hire an expert Lakeland Fl agent to help you every step of the way to avoid mistakes. You should also work closely with your lender, home inspector, insurer, and real estate attorney. They will be your team members who will help you reach your goal. Going solo would only make the load heavier and the process more stressful than it already is.
2. Falling in love at first sight. Your home should fit your needs first. You should not buy a home just because you fell in love with it or just because of one particular detail that you liked. The home should match your lifestyle and budget. Make sure that the neighborhood where the home is located is one that you would really want to live in and is safe. Is it near your place of work? Check out nearby schools, hospitals, recreation spots, and shopping malls.
3. Not getting a pre-approval before shopping. Getting pre-qualified for a loan gives you an idea of how much you could borrow to pay for your Lakeland Fl home. Buyers with a pre-approval from their lenders have an advantage since they are taken more seriously by sellers. It also helps you stay within your budget.
4. Overbuying. The downfall of the housing market started with homebuyers who bought more than they could afford. If you spend more than you can really afford, your dream home could become a nightmare. Make sure to carefully analyze all your monthly expenses first such asfood, clothing, transportation, entertainment and savings. don’t forget to include debts (insurance, taxes, mortgage), which should not exceed 36% of your total gross income. Most homebuyers forget to factor in the closing costs, which are usually 2-5% of the home’s purchase price, moving costs, renovation/redecoration, and home maintenance costs. Plan ahead and anticipate increases in expenses like taxes and utilities.
5. Trusting the wrong people. Since buying a Lakeland Fl home is going to be a major decision, it’s but normal to seek counsel from family, friends, colleagues, and other people you trust, but don’t take their word for it. Trust the pros like your Lakeland Fl agent, lawyer, inspector, in short, your team members.
6. Not putting everything in black and white. The home inspection, rate lock, disclosures, the contract – always put everything in writing. Don’t settle for oral agreements. Your documentation will come in handy should a dispute arise.
7. Skipping the fine print. Get copies of all documents in advance and take the time to read and review and ask questions from your team. Get copies of your closing and mortgage papers way before the actual closing. Make sure you understand everything in every contract before signing it.
8. Not getting a home appraisal. A home appraisal by a professional confirms whether or not the home has enough value to warrant the loan. If the Lakeland Fl home is appraised at a value lower than the purchase price, the loan may not be approved.
9. Not getting a Home Inspection. Don’t buy a home that has not been thoroughly inspected. Once a home inspection is done, make sure to come along during the inspection to learn about problems the home may have.
10. Not getting home insurance. Before buying a Lakeland Fl home, check if you can get it covered by insurance. There are some areas or certain types of disasters that may make it hard for you to get insurance so check the terms first with your local insurance provider.