Buying a house is an exciting task. Successfully completing the purchase of a property can make one feel like a million bucks. But since the process is lengthy and challenging, it is easy for one to make mistakes at any point. These mistakes can be made by first-time buyers as well as experienced home buyers, and they can prove to be costly either way, impacting one’s overall finances and stability.

Not sticking to the budget
In several cases, buying a house is the single most expensive purchase one might make. This may lead to a desire to splurge on the property. But, with the amount of money involved in the purchase, it is important to have a fixed budget for the house, including factors like possible renovations and other costs. This will keep one from overspending while protecting their assets.

Not hiring an agent
A big mistake people can make while buying a home is directly contacting the person registered on the listing. As a buyer, this step can cost heavily. Chances are that the listed person is the home seller’s agent, who would want to get the best possible quote for their client. For buyers to find a deal that best suits their interests, hiring a buyer’s agent is important. Once hired, the agent will do all the preliminary research and paperwork, and the buyers can focus on checking the property and approving the negotiation.

Skipping negotiation
Home buyers often find it difficult to negotiate the price of the house they are looking to buy. In some cases, it is because they are afraid of insulting or offending the buyers. However, not negotiating can be a costly mistake for the buyer. If one is unsure, one must have a buyer’s agent negotiate with the seller. They can quote an appropriate amount based on the property’s condition and how long it has been listed on the market.

Ignoring inspection
A costly mistake people often make is falling for the “as is” mentioned on house listings. If anything, the words should be considered a red flag. Any listing with “as is” mentioned tells people that they will get the house in its current condition. The seller will not be taking any warranties or responsibility for repairs. Instead of jumping in and buying the house, take some time and have the property inspected.

Opting for a smaller down payment
When people choose to make a small down payment, they also choose to pay a lot more in terms of higher interest. It is advisable to keep the down payment amount equal to or more than 20% of the cost. Going lower can cause the buyer to pay for private mortgage insurance and have a high interest amount on their loan.