Let’s face the facts: Buying a home in Virginia can be an
amazing experience, but it can also be quite complicated. With emotions
running high, it’s all too easy for homebuyers to skip over crucial
steps and make mistakes. But don’t worry! I’ve laid out some of the
biggest mistakes that homebuyers make below so you will know to avoid
Low-balling the seller
If you find a house that you absolutely love in Lynchburg, don’t play
games: work with your agent to come up with a reasonable offer based on
the sales of comparable properties in the area. Some buyers seem to
think that taking their time and making a seller “sweat” is a good
strategy for getting the best price possible. Don’t fall into this trap!
You will likely never be the only one interested in buying a particular
home, so if you find one that you love, get it before it’s gone. Don’t
kill the deal by making too low of an offer or by making excessive
estimates for repairs.
Not reading contracts
When you sign a real estate contract, you’re entering into a huge
financial obligation. And while it seems like common sense that you
should always read (and understand) all of the terms and conditions,
many homebuyers do not. A good idea is to have your agent go over your
contracts with you, section by section. Because contracts are legally
binding, it’s crucial that you discover any issues
before you sign.
Spending too much
Your pre-approval amount should act as a guide, showing you what you
could pay for a home in Virginia if you maxed out your finances. Your
pre-approval amount should not, however, be the price that you buy at.
Buying at the absolute limit of your price range will likely leave you
“house poor,” which means you’ll be able to make the mortgage payment
and cover recurring expenses, but then you’ll have little or nothing
left for recreation or other projects. So instead of buying at the top
of your approval level, buy within your comfort level: a level where
you’ll still have sufficient money left over for other things.