6 Ways To Avoid Overpaying For Your Next Home

Posted on by Smith Marketing

Luxury homes for sale Greensboro

Whether you are a first time homebuyer or a buyer looking for luxury homes for sale Greensboro has many great homes to choose from. In order to make sure that you don’t end up overpaying for your next home you should follow these tips from experienced homebuyers and real estate experts:

Don’t Get Emotionally Attached To One Home

One of the biggest mistakes that first time home buyers make is getting emotionally attached to a home before doing the homework to make sure that the house is a good fit for their budget and lifestyle. It’s easy to fall in love with a beautifully staged home that is in a great neighborhood. However that doesn’t mean that house is the right one for you. It’s also possible that you’ll get emotionally attached to a home that someone bids against you for and you will end up paying too much for the house to make sure that you get it instead of the other buyer. Keep your emotions in check and remember this is a big investment you’re making and you need to make a rational decision not an emotional one.

Know What You Need In A Home Not Just What You Want In A Home

Understanding needs vs. wants is a problem for many homeowners who think that they need a certain amount of land, a home in a certain neighborhood, or a home that is a certain number of square feet. In order to make sure that you get the right home at the right price make a detailed list of the function and elements that you need in a home, like a certain number of bedrooms, and focus on finding a home that meets your needs instead of just your wants. If the home has a few of your wants that’s great, but the most important thing about buying a home is that the home give you and your family what you need in order to be comfortable and to thrive.

Choose An Experienced Agent Who Knows The Area

Working with an experienced real estate agent is the best way to make sure that you don’t overpay for your home. A real estate agent will be able to evaluate a home and tell if you the price is fair. That agent also may be able to negotiate a better deal for a home that you really like that isn’t in your budget. A real estate agent can be an invaluable partner in the home buying process.

Pay For A Home Inspection

It’s a very smart idea to invest a couple of hundred dollars and have a home inspection done on a home that you are considering buying. No matter what the seller says about the condition of the house an experienced home inspector will be able to tell you what the real condition of the house is. There may be problems within the house that the current owners don’t even know about. Once you have the home inspection report that lists any defects you can use that to negotiate a lower price for the house if you’re willing to buy the house and take responsibility to fix anything that needs to be fixed.

Don’t Get Sucked In By Fancy Finishings

Another common problem that leads to overpaying is being sucked in by high end fancy finishings in a home and ignoring any problems with the home. Homebuyers are used to seeing finishings like granite countertops, trendy lighting, and other décor that can make the home look like it’s worth more than it really is. Remember that the finishings can be changed but the basic structure of the home can’t. Look past the dazzling staging and finishings and focus on the function and condition of the home.

Set A Budget And Stick To It  

Buying a house that is above your budget means that you could be putting yourself in a bind financially. When you are looking at homes the difference in price between a $1000 mortgage and a $1400 mortgage might not seem like much. But over time stretching yourself thin financially can cause real problems for you and your family. To avoid overpaying and find a home that you can comfortably afford work with a reputable agent in the Greensboro area. Call us today whether you are looking for your first home or luxury homes for sale. Greensboro has great neighborhoods and fantastic homes and we can help you find the right one for your family.          

To make sure that you get a great deal on your next home call Smith Marketing today.