Buying a home in Kentucky is an exciting time of life for homebuyers, and it is one of the most important and expensive purchases that most people will make in their life – especially since most people only buy a handful of homes in their entire life!
However, there are a few mistakes that home buyers in Kentucky frequently make. While a lot can go wrong that is out of your control, there are also things that you can do to avoid this!
Here are the top 3 mistakes to avoid, so you can make all the right decisions in your home purchasing process!
1. Not Looking at Multiple Homes Before Making an Offer
Just like shopping for anything else, it is important to shop around and compare different homes before making a final decision. This is a part of the process that a lot of home buyers skip, because they don’t want to take the time and look at options before deciding.
Especially because buying a home is a longer process anyway, many people look at a home and decide to make an offer on it so that they don’t lose it. This can be a good tactic – because dilly dallying can lose you the home you want – but typically buyers regret their decision.
Looking at other properties before deciding on one can also help you determine what the prices of homes should be based on the market competition.
You may be able to negotiate a lower price based on other homes, if the seller is asking significantly above other homes with similar features.
The more houses that you look at, the more you will realize features of a home that are important to you – whether it is location, school districts, square footage, etc – and be able to find a home that is truly what you want.
2. Not Getting a Home Inspection
While it may seem like a no-brainer, a lot of home buyers actually do skip the home inspection. Almost every time that a buyer skips getting a home inspection, there are unexpected problems that pop up.
While there are likely to be repairs every now and then with any home, not getting a home inspection could mean that you buy a home with un-repairable damage and cost you hundreds of thousands of dollars.
Home inspections typically only last about 2-3 hours, and are around 300 to 400 dollars. Since the cost of a home is so much money already, buyers sometimes elect to save that couple hundred dollars.
However, especially in Kentucky where it is warm and humid, mold and termites are a huge problem. Typically, the homeowner isn’t aware that there is a problem, and if the buyer doesn’t get a home inspection, they may not find out until the damage is irreversible.
3. Not Having Financing Ready to Go
In Kentucky, the housing market typically has a quick turnover time, which means that houses can go quick.
A mistake that a lot of home buyers make is not having their financing ready to go, and the house that they want to make an offer on is bought by someone else before they are even able to put in an offer.
To avoid this, be aggressive and proactive. If you look at a home and fall in love with it, don’t leave the property without putting in an offer.
Chances are, if you wait to put in an offer and debate back and forth whether or not to do it, someone else will put in an offer before you. This is how bidding wars start, and that is a hassle that no buyer wants to deal with, because you are at the mercy of the seller.
Be Confident and Everything Will Go Smoothly!
We hope these tips help you when purchasing a home, and remember that your agent will also be able to help you with a lot of advice!
If you have any questions, feel free to contact us, we are happy to help!