With interest rates at impressive lows, home buyers in Ocala, Florida have an opportunity to find the home of their dreams. Even with a growing housing inventory, there are certain mistakes that have to be watched out for. There are many pitfalls along the way, so homeowners have to be prepared for everything. Here are some home buying mistakes to avoid this year:
1. Buying if You are Moving Soon
Renters often feel frustrated by the amount they give a landlord each month. This expense changes hands and never works in the renter’s favor. Although they may want to buy a new home, it may not be the best idea. Anyone who is planning on moving soon should wait to buy a house until they settle down. The recurring cost of real estate agent fees and loan origination fees can quickly add up for homeowners. Instead of buying a house and relocating every few years, they should wait to purchase a property until they are ready to settle down. The only time frequent movers can handle buying a home is when the rental market in the area is strong enough for the property to be rented out.
2. Overextending Finances
One of the largest mistakes made by homeowners in Ocala, FL is spending too much on a home. Although the latest and greatest fads are appealing, individuals cannot get caught up in these costs. Families should also look at mortgage payments that will still be affordable if they suddenly lose their job or become unemployed. Once the homeowner knows what they can afford, check with a mortgage lender on how much they can get pre-approved for. With this in mind, you can gauge how much you “home” you can buy.
3. Mind the Small Costs
When it comes to buying a property, there are more costs than the advertised price. Between property taxes, utilities, and maintenance costs, families will have to spend more money than they usually expected. Home buyers should ask what the average utility costs are in the area. In addition, they should budget out one percent of the household’s price to annual maintenance.
4. Everything Needs to be in Writing
Home buyers have to make sure that they put everything into writing. Furnishings, appliances and decorations that are supposed to be kept with the household should be listed on paper. Often, homeowners end up disputing about bathroom fixtures, washers, dryers, and ceiling fans. The contract must be looked through carefully in order to prevent any difficulties later on.
5. Must-have Inspections
A home may appear to be perfect on the outside and still have major problems. Only a professional can spot structural problems, water damage, or insulation issues. Without their assistance, hidden issues will remain hidden. If these are not spotted before the purchase, it can ruin the home’s value and result in you paying too much for the property. Fortunately, this problem is easily remedied by having a home inspection done before the purchase takes place.
Buying a Home in Ocala, FL
With the proper care, individuals will be able to avoid common home buying mistakes. Families should always use a real estate agent and inspector that they trust before buying a home. As long as they make sure that all of the right measures are taken, home buying can be a breeze.