6 Housing Mistakes To Avoid When Buying In RVA
Buying a house is a big decision, and even if you're not a first-time buyer, it's easy to get caught up in emotions and feel overwhelmed about your choices. This can lead to making mistakes that can cost you in terms of time and money and lead you to buy a home that isn't quite right for you.
Thinking about buying a home in the Richmond Virginia Metro Area? It's a mammoth decision no matter if you're a rookie homebuyer or a seasoned pro, it's easy to feel overwhelmed, stressed, and at a loss as to where to begin and how to proceed. But don't worry!! I'm here to help you navigate the process and avoid those “uh oh moments.”
Here are six key mistakes to avoid when house-hunting in Richmond, VA:
1. Skipping pre-approval:
Obtaining pre-approval for a mortgage is an important first step to take when buying a home. The mortgage lender will check your credit history to establish the amount of the loan for which you can qualify. A pre-approval will provide you with an estimate of what you can comfortably afford while showing sellers that you're a serious buyer.
2. Throwing your budget out the window
With your pre-approval as a framework, examine your piggybank. Consider your lifestyle, your current bills (you know those student loans or that Mustang you had to have), and establish a monthly mortgage payment within your comfort zone. And be sure to think about things you enjoy like going to the beach, grabbing a bite to eat at your favorite local hotspot, taking in a movie, or other activities. Creating a well-thought-out budget will put you on the right track to your new home enhancing your life rather than becoming a burden.
3. Going it alone
Do you know the local real estate market inside and out? Do you have a 167 point checklist for buying a home to ensure all the I’s are dotted and t’s are crossed? Do you want to be sure that you are able to negotiate the most strategic deal possible to get that ideal home? If you answered no to either of the first two questions and yes to the last question, you need an experienced Realtor (oh hey, that’s where I come in) working with you. An experienced real estate agent looks at the hyperlocal market through a magnifying lens, keeps up with the ever-changing negotiation strategies, and can help you save time, money, and a lot of headache. I can help you find homes that meet your criteria and budget, and assist you in making competitive offers. I also have valuable insights into neighborhoods, school districts, and upcoming developments about which you might not be aware.
4. What’s really important
When house hunting, prioritize features that can't be easily changed, like location, the train tracks running down the back of the property, or the interstate highway noise ringing in your ears. It's easy to get distracted by that magenta wall, the avocado green tile in the bathroom, or even the stunning staging that has been brought in to pull your eye away from the less desirable elements, but remember that cosmetic changes are relatively easy to make. Instead, zoom in on the potential of the house and how it fits your long-term needs.
5. Not knowing what you want
Start with a list of your must-haves and nice-to-haves before beginning your home search. Consider the number of bedrooms, proximity to work, school districts, and other factors that are high on your priority list. This list will help you stay focused and make decisions more easily when you start touring homes.
6. Failing to use forward thinking
You may not have a crystal ball, but it is important to think about your future goals and aspirations. Whether it's beginning a family, having that perfect home office, or anticipating how your needs might change, choose a home that can grow with you. A little extra space now can save you from needing to move again in a few years.
Buying a home is a journey and an adventure, but by avoiding these common missteps, you'll have a smoother experience and a better chance of finding the home of your dreams in Richmond, Virginia. The right guidance and preparation mixed with a clear understanding of your priorities will make the process more enjoyable and less stressful.
