Are you in the process of looking for a new Tyler TX home? Feeling overwhelmed? That’s understandable. You’re getting ready to invest thousands of your hard-earned dollars into some real estate to call your own. This stirs up all kinds of emotions: happiness, excitement, fright, worry. Don’t add to your stress. Avoid these common Tyler home buyer mistakes and you’ll find yourself in a new home in no time.
Common Tyler Home Buyer Mistakes
Abraham Lincoln once famously said, “he who represents himself has a fool for a client”. Now, I’m not saying you’re a fool if you decide to act as your own real estate agent. However, it makes much more sense to hire a REALTOR@ to act on your behalf. We all lead super busy lives nowadays. Working. Running kids to school and their various activities. Spending quality family time together. Who has time to scour every listing on the internet to find “the one”? Your REALTOR@ can access all MLS listings located in the neighborhood you’re interested in…and probably a few that aren’t on the MLS. Then, once you find one you like, there’s the price negotiation, inspections, appraisal, deadlines, walk-throughs, etc, etc. Can you squeeze time for all of these into your already jam-packed schedule? If not, find yourself a good REALTOR@.
Only Looking Skin Deep
Another one of the common Tyler home buyer mistakes is to reject a home outright because it doesn’t fit your style. Rarely do buyers find a home that is absolutely perfect. Perhaps you prefer hardwood floors to carpeting. Maybe that accent wall needs to go. These are simple to change and relatively easy on the pocketbook. Unless it’s load-bearing, even walls can be demolished pretty easily. Instead, focus on the things that don’t change, like the location. A fixer-upper in a great neighborhood with fantastic schools may be much more appealing than a move-in ready property near power lines. Look beyond the surface to see what a home truly has to offer.
Waiting on Financing
One of the most common Tyler home buyer mistakes involves money. Don’t hesitate. This process should be started right away, even before you find your dream home. This is such an important step that many sellers want an offer to include a letter of approval from your lender. And by “approval”, I don’t mean “pre-qualification”. Sit down with your lender to begin the loan process now. You’ll need to give them your financial information (social security number, job info, bank statements, paycheck stubs, etc). Then, they’ll pull your credit, assess the info you gave them and, eventually, approve or decline your loan. This takes time. So, start right now.
Ignoring Your Budget
Finally, the last one of the common Tyler home buyer mistakes I’m going to talk about here is your budget. It’s smart to set one. Just because a lender approves you for $650,000 doesn’t mean you have to spend that much on a Tyler home. One of the biggest issues that happened during the subprime mortgage fiasco of the mid-2000’s was that buyers overextended themselves. This left millions in debt that they couldn’t afford. In the end, they lost their homes. Don’t let this happen to you. Sit down and decide what amount you would be comfortable with spending on your home and still maintain your lifestyle. Use this free mortgage calculator to help you determine where to set your budget.