If you’re buying a house for the first time in Sedona, it might be tempting to think that it’s a fun experience and it will all be a piece of cake. Even though the realtors at Brian & Cindy Real Estate will do their best at making sure that is the case, there are often a few roadblocks to overcome before you close on the home of your dreams. Being an experienced real estate agent means making sure that home buyer’s expectations are in check and to follow certain processes that will help everything run smoothly. Here are some mistakes that first time home buyers sometimes make and how they could make the process more frustrating than it needs to be.
Not Getting Pre-Approved
One of the most disappointing scenarios is when home buyers fall in love with a house and then find that they can’t afford it. Before you start house hunting with your realtor, make sure to get a mortgage pre-approval. This will give you an idea of what you can afford and what houses your agent can take you to.
Pre-Qualification vs. Pre-Approval
Along those lines, make sure you understand the difference between being pre-qualified for an amount and actually being pre-approved for an amount. After some basic financial information is provided, the lender will give you a rough number that could be around what you are pre-approved for. After a more thorough process of looking at your financials, the lender will then pre-approve a certain amount that you will be able to borrow.
How Much Can You Afford?
Another financial blunder that first-time homebuyers sometimes commit is thinking that because they have been pre-approved for $500,000, that they should be looking at homes within that range. Take a close look at your monthly spending (debt, bills, groceries, how much you want to save each month, etc), and then look at your overall income and decide what mortgage amount will fit into your budget. Overspending on a budget could lead to serious financial troubles.
Focusing on Cosmetic Issues
Don’t roll your eyes thinking that you’re the one home buyer who won’t turn down a house because the kitchen cabinets are the wrong color. Certain things can be hard to distinguish between cosmetic issues that can be fixed and problems that should be included in the contract for the owner to handle. If the floors in the living room aren’t your style, that’s up to you to remodel. If the windows are old and leaky, talk with your realtor about having the owner potentially replace them.
When you have mastered the financial end of home buying, it’s important to keep an open mind during the real estate process. Being too adamant about only looking in one neighborhood, or you’ll only buy a house with wood floors, can lead to a never ending search. The realtors at Brian & Cindy Real Estate are experts at negotiating prices and helping home buyers with difficult decisions. With their experience, attention to detail, and their love for the Sedona area, you can be 100 percent confident that you have a team who will go above and beyond. Give us a call today to schedule an appointment.