Known for its world-class tourism and endless entertainment activities, Orlando and Bronzeville offer the amenities of a large city. Living in these places gives residents peace of mind in terms of security and other perks available. There are many bars, coffee shops, restaurants, parks, and recently build new homes–perfect for any size of the family. Moreover, these cities have a rich cultural and architectural history, which encourages people to invest here.
Home Buying Basics
For first time home buyers, preparing for the house hunting process can be challenging yet exciting. Unfortunately, the process can be arduous for those buyers who enter into the experience unprepared. Therefore, knowing what to expect and what the common mistakes are, can make it seem like you were an expert.
In this article, we help you prevent yourself from encountering the most common mistakes that first time home buyers usually make during house hunting. Let’s begin!
8 Possible House Hunting Mistakes First Time Home Buyers Must Avoid
It’s no secret that looking for the dream house is not always an easy feat. Also, it is easy to get overly excited when searching for properties and to make a decision out of haste. The following is an overview of common home buying mistakes you should take care of:
- Not having a clear wishlist
- Not managing expectations
- Not obtaining a pre-approval letter
- Not managing unwanted opinions
- Not working with an agent
- Not looking for first-time buyers program
- Not checking properties accurately
- Not paying attention to the location
Tip for House Hunters:
During your research, you will see a huge list of new homes for sale in Orlando; the cost is being sold at a premium––an average cost is around $260,000––depending on which neighborhood you decide to reside. Likewise, due to the revitalization, you will see there are many new apartments for rent in Bronzeville.
No matter where you’re looking to buy your dream home, the guidelines are still the same.
- Get pre-approved mortgage
Getting pre-approved for a mortgage takes a little hard work and time on the front end, but it is worth considering. When you attach a mortgage letter with your home buying offer, it ensures the seller you’re a serious buyer, and that makes the selling process faster.
- Interview real estate agents
If you’re serious about purchasing home in Orlando, we advise you to search for an agent. An agent gives buyers access to a multiple listing service, and in addition, simplifies the rest of the home-buying process toward a great pricing and a great house. Never think to move forward without a real estate agent!
How to find the best agent?
You got so many options as follows.
- Ask for recommendations from family, friends, or colleagues
- Contact the reputable real estate firms
- Meet agents personally by visiting their office
- Look up local agents online
Real estate agents work on commission. The amount depends on the property purchase price and is generally paid by the seller. However, if a buyer’s and seller’s agent is common, they share the commission.
- Research market trends
In recent months, the Orlando and Bronzeville housing market have seen many ups and downs. This just not happen with the housing industry, but a lot of other sectors got affected by COVID-19. Starting with historically low mortgage rates to sky-high home prices, the year 2020 teaches us a lot. The good news is; the housing industry becomes favorable for the buyers.
- Prioritize the location
Location is an essential factor to consider when buying a house. Location matters as it is the one big thing that you can’t change, irrespective of your investment. Therefore, it’s vital to make the decision wisely.
Ask yourself the following question.
- What kind of development plans are in the pipeline?
- Is the street busy?
- Is the neighborhood safe?
- What are the zoning laws?
- Is there talk of a highway to be built in the next five years?
- How many undeveloped lands are nearby?
- Are home values in the neighborhood rising or declining? If declining, what are the possible reasons?
To answer these queries, you’ll need to begin some serious research into potential areas where you are willing to reside. Furthermore, you will need to look into things like the quality of the school district, transportation facility, near-by entertainment places, and among all the current crime rates.
If you’re happy with the answers, it’s time to go ahead. Take yourself and other family members on a tour of the area but never skip the home inspection.
- Analyze the amount of work required
The next big thing after choosing the location is to weigh the amount of work needed in a new house. No matter how well-furnished a property is, the buyer ultimately has to do some work to make it feel like his own. Likewise, it’s up to you to choose how much work you’re willing to perform in the given budget. The consideration includes:
Does the property need urgent work or overtime? Is the work cosmetic or functional? Next, you will need to consider how much money you’re willing to spend. Will this new addition increase the project value? The reality is; repairs can get expensive. In short, your budget will decide everything.
- Be clear of your demands
House hunters need to have a clear idea about their demands for their intending property. It will be a great idea if you create a clear list before looking at online listings or visiting open houses.
- Look for the first time buyers program
If this is your first-time home buying experience, you probably don’t have enough money saved up for the down payment. And if it’s true, we suggest you don’t make the error of delaying homeownership while saving money for a down payment. You must know that there are plenty of low-down-payment loan programs and competitive mortgage rates for new home buyers offered by the State.
- Negotiate till end
Did you know shopping for a new home is like shopping for a car? It pays to compare offers. When you buy a home, the seller you intend to purchase will probably expect you to negotiate the price. This assumption will force him to raise the property price when you ask first. So, you should never close the deal without consulting.
Tips to negotiation
- Know your market
- Get an inspection
- Always communicate through a real estate agent
- Get personal
- Ask for the final closing costs.
The Bottom Line
Experiencing the house hunting process can be daunting for new buyers, but as long as you go into it with proper research, the fewer problems you will face. However, jumping in too fast or waiting for a more extended period to put in an offer are both risky. Therefore, you must adopt a strategic approach in terms of cost and other relevant things––like choosing a trusted real estate agent.
Thank you for reading!
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