18 Expensive Moving Mistakes Homebuyers Make – These Common Errors Could Cost You a Fortune

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Whether you’re downsizing for retirement or buying your first home, this transition is both thrilling and daunting. More people than ever are moving states, drawn to new pastures for a variety of reasons. While each state comes with its own set of considerations when buying a home, both cultural and economic, many mistakes buyers make are common across the country. Here are 18 common moving mistakes people make when buying a new home.

Not Using an Estate Agent

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Foregoing a buyer’s agent might save you some money, but it can leave you underprepared for negotiations and talk of real estate law. A real estate agent can help buyers find new listings in the area, negotiate on their behalf, and deal with paperwork.

Making a Lowball Offer

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When buying a new home, it’s important not to make an offer so high you don’t see value for money, but this works the other way, too. Making a lowball offer might seem economical, but it can undermine you as a buyer in some negotiations.

Limiting Their Search to One Style

Many people have a specific house in their mind’s eye when attending viewings, but this can be detrimental to their search. To ensure you don’t miss out on an ideal home, try not to limit your search to one style. Seeking a period property may mean you miss out on a modern home that’s a great fit.

Not Checking for Vermin

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Depending on your search area, checking a house for pests will save you both money and untold aggravation. In subtropical climates like Florida, pests such as cockroaches and termites are common sources of infestation, which can endanger your health and home. Just because you can’t see a problem in your first viewing doesn’t mean it’s not there. For example, some termite problems are hard to detect without the help of a professional.

Revealing Their Budget Too Soon into Negotiations

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If you’re visiting an open house, it’s easy to get carried away chatting to people and accidentally reveal your budget. When negotiating later, this can put you at a serious disadvantage. To avoid this, it’s better to have an agent representing you throughout the process.

Taking on Too Much Work

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Arduous home renovations were romanticized in many reality TV shows, but the reality is often far less glamorous. Despite the vision of your future home driving you forward, buyer’s remorse can quickly set in after months of expenses and repairs.

Isolating Themselves From Family

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Moving somewhere new and investing in a home is exciting, but it may be far from friends and family. Maintaining these bonds is vital, especially as we age, and you won’t want to feel isolated from loved ones in a time of transition. Many people buy a home in a new location, only to find that they miss their friends and family.

Not Reading the HOA Rules

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As the main rule maker and enforcer, the Home Owner’s Association (HOA) needs to be taken into account when buying a new home. Understanding the rights, responsibilities, and legislation for the HOA of your new community is essential.

Buying When They’re Uncertain

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Whether it’s fearing the financial commitment, being unsure about a neighborhood, or fears about the property itself, doubts can arise at any stage of the buying process. While some of these fears are easy to shrug off, others can fester and fill you with buyer’s remorse after signing the deed. When making such a large purchase, always listen to your gut instinct.

Not Inspecting the Home

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When trying to sell a house, some people will go to great lengths to cover up any damage or conceal problems such as mold. Or, the person selling might not be aware of deeper structural issues. To avoid future stress and expense, it’s crucial to enlist a professional home inspector.

Buying Without Viewing the House in Person

Nowadays, buyers have the option to view a house virtually, simply sitting in front of their computer and taking a digital tour. This can seem incredibly convenient, especially if you’re moving states, but it rarely offers a complete picture of the property.

Using Retirement Funds to Pay Off the Mortage

Using your hard-earned retirement fund to pay off a mortgage might seem like a good idea, but this pot of savings will disappear quicker than you think.

Buying a Home That’s Too Far From Amenities

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Buying a house surrounded by nature and living the rural dream seems idyllic, but it can mean you’re far from amenities. It’s essential that your new home is situated near hospitals, shops, and other amenities, especially if you’re newly retired.

Making a Snap Decision

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The thrill of falling in love with a house or location can cause people to make snap decisions, meaning they buy a property without mulling it over. Making a snap decision about such a large investment might mean overlooking home inspections.

Not Checking Flood Risks

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In subtropical states, storms and hurricanes are very real concerns, and many properties are placed in flood zones. If the house you want to buy is in a designated flood zone, the insurance could skyrocket, and this is a cost you need to factor into your budget.

Not Budgeting Beforehand

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Knowing exactly what you can afford is crucial when buying a new home, and creating a detailed budget is the best way to do this. Not only is getting to know your finances essential, but it can also remind you of additional costs such as tax, insurance, and maintenance.

Not Looking at Multiple Properties

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You might have a particular style of home in mind, but it’s important to get a feel for an area and keep your options open. Checking out a variety of properties will give you a better picture of what’s on the market, and you might discover your dream home in the process.