Dos and Dont’s for Prospective Homebuyers

Purchasing a home stands as one of the most significant decisions you’ll ever make, so you want things to go right. This process is more than just choosing the type of floor or roof for your home. There are many steps involved, and you need to be aware of certain things to do and what to avoid. After all, simple mistakes in the home-buying process may cost you your peace of mind or hard-earned money. Here are some dos and don’ts to remember when considering buying a home.

Dos when buying a home

Buying a home can be an overwhelming process. So, what must a buyer do to make the process less stressful? Take a look at a few actions you should take.

Get Pre-Approved for a Loan Before Starting the Home Search

Before you start browsing homes, it’s good to know what you can afford. Imagine falling in love with a home only to find it’s outside your budget. Get approved first, then look for a home. That’s because if you choose to find a home first and then wait to get approved, you might lose the home to another person before you get approved. This is especially common in a seller’s market.

Do Save a Good Deposit

Saving for the down payment is one of the major steps in the home-buying process and also the hardest. However, while it can be challenging, understand that saving more on the downpayment has several benefits, like getting a mortgage with a lower interest rate and more immediate equity on your home. Also, you will likely be making cheaper monthly mortgage repayments, easing your financial burden over the loan repayment term.

Be Mindful of Your Budget

It’s important to buy a home you can afford. Keep in mind that after securing that loan, you’ll be making monthly mortgage payments. But on top of that, you also have other expenses like utilities, tuition for kids, fuel, etc. If you go outside your budget, you may struggle to meet other bills. As such, it’s important to buy a home you can comfortably afford.

Do Invest in Professional Inspection

Most sellers won’t disclose all issues with the house. And sometimes, they do a band-aid job to cover real problems. Hire a professional home inspector to go through the house and give you a report on its true condition.

Don’ts of House Buying

Here are things not to do when buying a home.

Don’t Get Only One Rate

Avoid going with the first mortgage offer you’ll hear. Even if the offer seems great, it’s important to consider other factors like closing costs. Research various lenders and see how interest rates vary from one to the other, then pick the one that suits your needs the most.

Don’t Rush Into a Decision

Don’t be in a rush to close a deal because you fear losing it. Access the property first and see if it meets your needs. In certain circumstances, you’ll be forced to walk away from a property you thought would be your home. However, that’s better than discovering later that the property isn’t right for you.

Don’t Skim Over the Paperwork

Real estate transactions involve a lot of paperwork. Go through all these contracts carefully, ensuring you know what you’re getting into. If possible, hire a real estate attorney for professional advice. They will review the terms and conditions of each paperwork, ensuring everything is in your best interest. They will also inform you of your obligations as a homebuyer to ensure you don’t break any laws.

Now that you know the major dos and don’ts of buying a home, navigating the home-buying process becomes easier. You may also want to consider working with professionals, such as realtors, to ensure you don’t make mistakes.


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