Buying your next home is an exciting decision, but the process is full of complexities. It is likely to be one of the most significant financial transactions you will ever make. Making any mistakes could result in lifetime regrets. That is why you should familiarize yourself with the process from the onset. In this post, I share lessons learned while searching houses for sale in Saint George, Utah. Therefore, before you begin searching for houses for sale in Saint George, Utah, here are seven mistakes to avoid.
1. Hiring An Out-of-Town Realtor
When searching houses for sale in Utah, hiring the right real estate agent makes your experience easier. However, it all depends on making sure you hire the right real estate agent. A local real estate agent understands the market better than a real estate agent located in a different state. Thus, if you are searching for houses for sale in Utah, hiring a real estate agent based in Hawaii does not guarantee you the best experience. Consider that a local agent has physical contact with the developers, and by any chance, gets first-hand information before it is posted online. Thus, buyers who choose to work with a local real estate agent will sometimes have access to leads on a real-time basis, before they are listed on MLS.
2. Not Knowing What You Want
This may sound out of place, but it is a common mistake among first-time buyers. Well, you may argue that you are looking for ideas from what is available in the market. However, the reality is that having an idea of the kind of home you dream of buying saves your money and time. Therefore, come up with a list of the features you desire to have in your new home and stick with it. You may need to be flexible with some features to speed up the home buying process. Moreover, with a list of the dream features, your real estate agent will be able to help you find the right home.
3. Not working Within the Budget.
To ensure a smooth experience, you ought to stick within a budget that you can afford. You may end up struggling to pay the mortgage. For a majority of first-time buyers, viewing properties clearly outside the affordability limit could result in the temptation to buy the property. The next thing is struggling to repay the mortgage, which leads to foreclosure. To void such frustrations, always have a predetermined budget before you start hunting for a home. The real estate agent will require knowing the budget. Thus, be sure to disclose how much you intend to spend on the new house.
4. Not Thinking Long-Term
Are you purchasing a home where you can raise your children to adulthood? Or is it a temporary home where you want to live and sell soon after retirement? Factor your long-term plans when buying a home to help you make the right decisions. If you intend to start a family soon, buy a home that will suit your vision. If you are purchasing a retirement home, consider a location that will be convenient. For some retirees, purchasing a property within a semi-urban area is better. Others prefer rural areas where they can retire and age in place without the hustle and bustle associated with urban life.
5. Not taking time to Research the Market
Researching the market allows you to envision the current property prices, and the areas with high demand. With such information, you can make a good decision and plan your journey to homeownership well. For instance, looking at the latest news on ST. George Real estate market, you can know where new developments are coming up and have a picture of how much it might cost living within such areas.
6. Failing to start the Search Early
Buying a home is a significant decision, and one that requires adequate preparedness. You ought to start the search early so that no stone is left unturned. Statistics show that buyers who approach the home buying process with haste are more likely to experience buyer’s remorse. To avoid such an experience, we suggest you start the search early so that you have ample time to explore the available options.
7. Failing to Apply for Mortgage Preapproval
A mortgage preapproval letter is of much importance when searching houses for sale in Utah. The preapproval letter provides you guidance on the amount you qualify to borrow through the chosen mortgage lender. Most importantly, the preapproval letter indicates to the property sellers that you are serious about buying the new home. To that effect, we suggest you have applied for the mortgage preapproval letter, and carry a copy with you when you begin searching for a home.
When you begin the search for the best St. George houses for sale, you must be wary of the mistakes we have mentioned. Be sure to work with an experienced local real estate agent. Moreover, make sure you carry the letter of mortgage preapproval with you when hunting homes for sale.