2 days ago
Tips to follow and red flags to avoid for first-time homebuyers
(WKBN) — June is National Homeownership Month, and the Ohio Department of Commerce Division of Real Estate and Professional Licensing is marking the occasion by offering advice to first-time homebuyers.
There are a multitude of things to consider when it comes to buying a new home, matters ranging from surface-level aesthetics to potential hazards buried in the basement.
Set a realistic budget: Before house hunting, take a close look at your finances. Consider not only your mortgage but also additional expenses like insurance, property taxes and ongoing maintenance. Securing preapproval from a lender can help clarify your price range and strengthen your offers.
Do thorough research: Look beyond aesthetics by researching neighborhoods, schools and property values. By choosing a home that aligns with your current lifestyle and future goals, you can help ensure you make a sound long-term investment. Take advantage of tools like Ohio's Homebuyers Guide and fair housing resources. These resources can help you understand how the real estate transaction process works and how you can properly prepare for each step.
Don't skip the home inspection: An inspection can reveal critical issues you might otherwise miss, saving you future headaches and large repair bills. Avoid the temptation to skip this step in order to speed along the transaction since you may end up regretting that decision.
It's also good to request a final walkthrough to ensure the previous tenants didn't cause any damage on their way out. If they did, patching those new holes will fall to you.
While it may also be tempting to go on a spending spree to furnish your new home, it's best to avoid any big expenditures before the deal is done.
Unlicensed individuals: Always verify the credentials of an agent or broker before you engage them since unlicensed individuals may lack the expertise and accountability needed to properly guide your home purchase. Working with a buyer's agent is strongly encouraged to ensure they prioritize your best interests. For example, if attending an open house without a buyer's agent, keep in mind that the listing agent represents the seller. By avoiding sharing sensitive details like your budget or timeline, you can protect your negotiating power. If you're working with a buyer's agent, discuss attending open houses with them in advance.
Insufficient property disclosures: Be wary of incomplete information about a home's condition since missing or vague disclosures could signal hidden problems. It's important to ask the seller and their agent as many questions about the condition of the property or other facts about the property that may influence your decision to make an offer to purchase.
Fraudulent listings: Exercise caution if you see homes listed on social media sites or other nontraditional platforms. It is possible that the home listed on those platforms may not even be for sale. Watch out for potential scammers who refuse to meet in person or via a video call, are willing to sell fast and have an asking price below market value.
Another good tip to keep in mind, if something seems too good to be true, it probably is.
'Becoming a homeowner is an incredibly exciting time in someone's life, but preparation is key to making sure this process goes smoothly for homebuyers,' Division Superintendent Daphne Hawk said. 'Because purchasing a home is likely the largest investment many individuals will ever make during their lifetimes, our goal is to make sure buyers are not only excited about owning a home but also educated as they take this important step.'
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