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Buying a New Home: Skip These Common Mistakes

Luxury Homes In El Paso

Buying a New Home: Skip These Common Mistakes

Interior of new homeChoosing the right home is one of the biggest decisions you will make. It is a huge investment that should last several years. For this reason, it is important to do it right. However, there is a wealth of information on the web about homeowners that are living in their new home in regret. Many homeowners jump into buying a new home too soon and then figure out that they bought the wrong house. On the top of the list of regrets, most people wish they bought a home with a different floorplan. In this category are people who wish they had more space. There are many other mistakes people feel they made, but this tops the list. Don’t make these mistakes for yourself! Review this list of the most common regrets and how you can learn from them when you are buying a new home.

The Wrong Floorplan

Many people feel that the house they bought is too small. Others feel it has a bad layout, even within a few months of moving in. The kids are not happy and constantly fighting or there isn’t enough room when the in-laws visit. Other times, newlyweds realize there isn’t enough space after a baby is born. Various issues that arise concerning floorplans include realizing that the kitchen or bathrooms are too small. Or maybe, the heart of the home doesn’t offer an open floorplan.

The best way to combat this problem when you are buying a new home is to build a new home with a builder. You can decide on the perfect floorplan for your needs and take a look at model homes to get a good idea of what it will actually feel like. Before you even look at the first floorplan, be sure to stop and think about your family’s needs now, and in the future. Consider what your life will look like in five and ten years from now. How old will your children be? Will you have more kids? Will you have the same job? Do you have goals you are working toward that will impact the layout of the house? Also, think about any activities you and your family like to engage in. When you visit a home builder, you can take into account things like a home office, a home theater, built-in fireplaces, a craft room, or any other luxuries your family might want.

Problems With the Mortgage Lender

After getting cozy in the new home, some new buyers realize that they could have had a better experience if they had not used the first lender they came across. Other times, home buyers find out they maxed out their mortgage limit, or that they could have gotten a better interest rate.

The best way to counter this problem is to get all your ducks in a row early on. Be sure to do your research on lenders, collect and organize all your paperwork, and keep close tabs on your credit score. Another excellent step to take is getting pre-approved for your loan early on. This will give you a clear idea of how much you can truly afford for your house. You will have a better idea of what to look for. Not only that, this gives sellers and home builders a clear message that you are prepared and serious about your decisions. You will also have an edge when competing with all cash buyers.

New home mistakes infographic

Buying a House With the Wrong Features

After visiting several homes, you will start to see that every home has something different to offer. Not only that, when you look at older homes, you’ll see that families sometimes customize the features in their home to meet their needs or wants. A lot of home buyers buying a new home realize that these features don’t work for them. A large chef’s kitchen with two ovens, a backyard pool, an outdoor fireplace, and many other features may not be a luxury but rather a burden once you have lived in the home for a year.

Again, when you stop and take an inventory of your needs both now and in the future, you will get a better idea of what is best for your family. Don’t go on whims when looking at houses or make decisions based on your family rather than appeal or luxury. When you meet with a home builder as opposed to looking at previously owned homes, you can also decide on the specifics that will work best for your family. Working with a builder can be a long process. However, when you get to pick your floorplan, the color of paint, countertops, and special features, the home can end up being much more satisfying.

Don’t Get Emotionally Attached

It happens often. You find the most beautiful home and you can see yourself in it so perfectly. You envision the baby crib or all the decor. Your life even looks wonderful in this neighborhood. That is until you get outbid. Or until the home inspection reveals problems with the HVAC or the foundation. Emotionally investing in one particular home is risky business.

Instead, choose several homes or floorplans you like. Keep your eye on what you and your family need. Also, remember that this is a huge investment. This purchase might even be the biggest buy you make. This is your time, labor, and hard earned money you are investing. Use logic and reason instead of your heart when you consider your new home.