Buying a home, whether your first or your fifth, is always an exciting process. There are new areas to be explored, new chances to design spaces the way you want them, and of course, the comfort that comes with knowing you are in your home.
Unfortunately, this excitement can often lead to errors in judgment or oversights that aren’t in your favor.
These pitfalls are common to the home buying process and can end up increasing the amount of time you spend waiting to close on your new home, or worse. Arm yourself with knowledge to avoid falling prey.
Pitfall #1: Falling In Love With The First House You See
For first-time buyers, this can be the biggest challenge in the process. When you see a property that seems to have everything you’ve ever wanted on the surface, then why would you want to keep looking at alternatives?
Unfortunately, when your emotions take over, you often end up giving up your end of the deal in favor of the seller. If you have to have real estate in Orange County and your first home visit is within your price range, looks good, but is an hour away from where you work, you may be doing yourself a disservice in the long run.
Pitfall #2: Not Working With An Agent
Many buyers assume that if they can avoid working with an agent, they’ll avoid paying a commission. Unfortunately, that is negating all the work agents put in to earn that commission. An agent will advise you on the right price to offer, will help you negotiate terms to your benefit, and will make sure that your interests are protected from first viewing to closing. Plus, they’ll know the area well, so if you’re looking for real estate in Corona, they’ll help you find the right deals in the right places.
Pitfall #3: Giving Up Concessions
In a hot real estate market like Los Angeles County, it’s tempting for buyers to give up concessions when it comes to making an offer. With low inventory and increased buying activity, this frenzied mindset almost seems to make sense – if you don’t act quickly and aggressively, you won’t get the seller’s attention.
However, concessions are put in place to help protect the buyer from unknown or unseen surprises. An inspection concession will allow you to walk away from the contract should an inspection uncover significant issues that the seller can’t repair. A financing concession lets you out of the deal should you fail to secure financing. Giving up concessions in the hope of being the top bidder puts you in a precarious situation where you could end up spending much more in the long run.