Buyers searching for the perfect home often overlook common conditions that could cost them thousands of dollars and give them buyer’s remorse afterwards. As your real estate professional, our guidance can certainly help you focus on these four often-forgettable oversights throughout your house hunt.
4 Oversights Home Buyers Frequently Miss
Failing to take into account each of the expenses of owning a home.
“People focus so much on mortgage payments and closing costs,” says Brendon DeSimone, author of “Next Generation Real Estate. “What they don’t realize, until after the fact, is that there are expenses like oil or propane and landscaping that are built into home ownership.” Home buyers should ask sellers for a property expense list to get a better gauge of what they’ll be paying each month. Also, financing experts often suggest setting aside 1 percent of the home’s total value annually for repairs and maintenance.
Neglecting to think about a home’s resale value.
Few buyers actually stay in their house for decades. Buyers should talk to their real estate professional about trends in the neighborhood and the likelihood that the home would sell for exactly the same amount two years, five years, or 10 years down the road, Buying a home should make financial sense now, but if circumstances make this home no longer the right choice within a few years, you don’t want to be in a tricky financial situation while selling.
Not investigating the neighborhood more closely.
Make sure you also closely inspect the neighborhood too. Walk throughout the neighborhood at different times of the day. Talk with the neighbors too.
Neglecting to look into the homeowners association.
“Never close on a home without doing serious due diligence on the homeowners association,” says DeSimone. Many HOAs can be supportive, but there have been reports of a few instances where property owners have clashed. Also, it’s worth noting if there are a lot of delinquent home owners in the neighborhood because if there is an upcoming assessment, or there are actually delinquent home owners, the HOA and you will have to cough up the money to cover it.
Missing one or all of these oversights can really make your home buying experience go down the tubes quickly. Let Nick & Cindy Davis assist you finding your new home here in the Tampa Bay and Surrounding areas. We will ensure that not one of these oversights will be missed. We are always a call to 813-300-7116 or you can simply click here and we will be in touch.