Many people look at the new year as an opportunity to make resolutions to let go of old habits and adopt better, healthier ones. And if you’re planning on buying a home in 2024, you can also apply that same mindset to the home buying process.
So, what bad habits can you leave behind for a better home search in 2024?
A recent article from realtor.com outlined bad habits potential homeowners should consider breaking to improve their chances of successfully buying a home in the coming year, including:
- Looking at homes that are outside of your budget. When you’re shopping for a home, it’s important to look at homes that are within your price range. Otherwise you may find yourself falling in love with a property that’s just not realistic for you. Even looking at homes that are at the top of your price range can push you over budget, when you consider the additional costs of buying a home. So while it may be tempting to look at homes at a higher price point just to “see what’s out there,” if you want to find a home that will work for you, only look at homes in a price range you can comfortably afford.
- Taking on new debt during your home search. Buying a home is a huge investment, and, for most homeowners, that investment involves taking on a lot of debt in the form of a mortgage. So, the last thing you want to do before taking on a lot of debt for a home is take on other debt, like buying a new car. Taking on new debt can impact your mortgage application. It can lead to a higher interest rate, a lower loan approval amount, or even cause the lender to reject your application altogether.
- Walking away over cosmetic issues. It’s important to buy a home you love. But walking away from an otherwise perfect house for minor cosmetic issues — like not liking the bathroom tile or paint — could be a big mistake. Fixing cosmetic issues is generally fairly easy, fast, and affordable. Once you buy the house, you can make those changes. So make sure you’re looking at a home’s potential, and aren’t getting caught up in cosmetic details when you’re looking at houses.
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