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Top 5 Surprises Homebuyers Experience When Buying A Home

As a first time homebuyer, you are entering into an experience you have never been through before. Buying a home has a large impact on a person’s life, therefore most people take the time to do some research on what exactly they need to know before embarking on the process of buying a home. There are tips for financing a home, when to buy a home, inspecting a home, and the list goes on. But no matter how much you prepare with research, there can always be some surprises along the way. In order to alleviate some of the surprises that you could encounter, here are the top 5 surprises homebuyers experience when buying a home:

  1. Be aware that your mortgage may not be approved. It is problematic when homebuyers go through the mortgage approval process with the assumption that he or she will receive a mortgage without any issues. By going through the process with that expectation, this individual is going to be very surprised and disappointed if banks do not in fact provide him or her with a mortgage. The prospective homebuyer will have put their hope into being able to buy a specific home. But, if the mortgage is unapproved, purchasing that specific home is not going to happen. Do not assume that the mortgage process is complete until you have a signed mortgage in your hands. Once the paperwork is signed, you can assume the deal is set. But until the paperwork is signed, be cautious in the decisions you make, knowing that the mortgage could be unapproved.
  2. Know the costs that come with purchasing a home. A home is one of the largest purchases a person is going to make in their lifetime. Without any knowledge of what it takes to purchase a home, it is easy to assume that the only cost will be that of the actual home. Unfortunately though, that cost is just the start. Make sure you are aware of the additional costs of purchasing a home to be sure that you can actually afford it. If you are not aware of all of these costs, you are going to become more and more stressed as you keep finding out about them. Additional costs include: taxes, an appraisal fee, a home inspection, a survey, etc. Find out about the extra costs in purchasing a home through talking to your real estate agent. The biggest extra costs are generally going to come in the form of closing costs.
  3. Be prepared for unexpected repairs. A home inspector is going to provide you with a good idea of the repairs that are needed at the house. You are going to need to have money saved for the repairs that the inspector tells you about. You could potentially negotiate having the seller pay for the repairs, but that depends what repairs need to be done and whether the seller is willing to negotiate. You will also need to be prepared to wait. There is the possibility that the repairs need to be done right away. Or you may want the repairs done right away for convenience. Either way, you can never be sure what problems the inspector is going to find, how long they will take, or how soon they are going to need to be done. Lastly, after purchasing a home, you should also be prepared for additional repairs, as the home inspector cannot predict all of the problems you are going to have with the house.
  4. Feel free to visit a house more than once. Many buyers feel that they can only visit a home once, during the open house or during a scheduled visit. However, if there is a home that you and your family are really intrigued by, feel free to ask to see the house a second time. When you see a home with other potential buyers, you may feel more distracted. Some prospective homeowners appreciate seeing a home on their own because they feel like this gives them the best opportunity to really see the home. In going to visit the home a second time, it could also give you the chance to meet the sellers, which could provide you better odds in being able to buy the home and receive a good deal.
  5. Get to know the community. When looking for a home to purchase, it is easy to only concentrate on the home. Trying to find a home that has the number of rooms, size of yard, or amenities you want is not an easy task, but if you only concentrate on the home and forget to look into what type of neighborhood you are living in, you could quickly come to regret your decision of buying that home. Having neighbors that are inconsiderate, a high crime neighborhood, or a home near an airport can ruin the love you have for a home. Make sure to spend some time getting to know the community the house is located in and take some time to get to know the neighbors. Those are the people that you are going to live side by side with for years to come.

These 5 surprises that previous homeowners have experienced in buying a home are important to consider while you are searching for a home to buy. You do not want to have one of these points be a surprise for you, as many of them will make or break the home you purchase. Use the wisdom previous homebuyers are providing you with! As much as you read and try to learn about the home buying process, however, you are still bound to have surprises along the way. A new experience can never be fully predicted, but it is a new experience, and you should make the most of it!

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