Common Mistakes to Avoid When Buying a Home in St. George

Buyer mistakesAs you prepare to buy a home in St. George, make sure to avoid these common mistakes. There are some typical pitfalls buyers may fall into during the buying process, but we have some tips to help. In addition, we're ready to walk with you every step of the way to make sure you enjoy a successful home buying journey, so contact us any time to learn more about homes for sale in St. George. 

Before we find your new St. George home, check out this list of common mistakes to avoid. 

House Hunting without Mortgage Pre-Approval

One of the most prevalent mistakes prospective homebuyers make is not adequately preparing their finances before entering the market. St. George's real estate market can be competitive, and not having a clear understanding of your budget can lead to disappointment and wasted time.

To avoid this, potential buyers should obtain pre-approval for a mortgage, assess their credit score, and determine a realistic budget that includes not only the purchase price but also closing costs, property taxes, and homeowners' insurance. The pre-approval process is a great first step because it will give you real, accurate, and personalized information about your budget. Either you will know what you are approved to spend, or you will know what you need to address in your financial situation to be ready to buy. 

Waiving Necessary Contingencies

Finding a way to make your offer stand out is a great idea, and sometimes includes waiving contingencies that are common. However, there is a risk involved here and a common mistake buyers regret is waiving contingencies that in hindsight would have protected their interests.

Rushing through the home buying process is a common mistake that can have long-term consequences. A key contingency that should be included is a home inspection. In St. George, weather conditions can impact property conditions and so it is crucial not to skip inspections. A thorough inspection can identify potential problems, allowing buyers to negotiate repairs or reconsider their offer based on the property's condition.

You may also be required to include an appraisal contingency to secure funding, but even if you don't need to for your lender you shouldn't waive this contingency unless you are comfortable potentially being upside down on the investment for a period of time. 

Ignoring Resale Value

We know that thinking about selling a home while you are buying it might be counterintuitive, and you may not even be planning to sell the home for decades. However, a key component of a wise investment is being aware of its potential resale value. 

People often get so caught up in the excitement of finding their dream home that they forget to consider the property's resale value. Factors such as neighborhood development plans, school district changes, and local economic trends can impact resale value. There are also some unique features in a home that might be appealing to you, but would eliminate many potential buyers in the future. For example, buying a home without a garage may make your home more challenging to sell in the future if all your buyers have a garage on their must-have list. Take the time to make informed decisions that not only meet your current needs but also position you well for potential future sales.

Failing to Negotiate

Negotiation is a critical aspect of the home buying process, and some individuals either shy away from it or approach it haphazardly. St. George's real estate market can be competitive, and buyers who fail to negotiate effectively may end up overpaying for a property.

This is one reason that working with an experienced real estate agent is so beneficial. We will help in navigating negotiations, ensuring that you secure the best possible deal while considering market conditions and property value.

Ready to find your home in St. George? Contact us any time. 

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