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3 tips to avoid common homebuying mistakes

Beware of these mistakes first-time homebuyers often make

Watch out for homebuying mistakes with these three tips.

Tip 1: Don’t buy more than you can manage

No matter how much you love a house, don’t bite off more than you can chew. A preapproval from your Wells Fargo home mortgage consultant will help you understand your price range. Get a preapproval early in the home shopping process so you don’t fall for a house - and housing costs - that are outside your comfort zone. 

Beyond the mortgage, remember that a house will have other expenses such as monthly utilities and ongoing maintenance needs and repairs.

Tip 2: Don’t skip the inspection

Some homebuyers waive the inspection to save time and money, or to compete in a hot market. But home inspections can uncover problems far more costly than the inspection fee.

Home inspections often identify problems related to the age and construction of the home. Some might be major, such as a sinking foundation, while others are minor, such as a broken dishwasher.

Even in a competitive market, don’t ignore problems. You may be able to negotiate with the seller to fix them or lower the price.

Tip 3: Think about the neighborhood

While the home may seem like the perfect fit, look around the neighborhood:

  • Is the home near a busy street? Can you hear traffic noise?
  • Are there barking dogs, loud music, or other disturbances?
  • How close are schools, shops, and other conveniences?
  • Do you feel safe in the neighborhood? Review crime statistics for the area.

These considerations and others may or may not affect your sentiment about the home. Research the neighborhood by visiting at different times of day.

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