Deciding to finally buy a house can be an exciting life milestone, but it’s also a complex process filled with potential pitfalls that can even surprise experienced buyers. Understanding how the process works and how to avoid common mistakes can save you money and ensure that you purchase the home that’s right for you. Below are a few do's and don’ts for potential buyers to follow.

Do:

Get pre-approved for a mortgage.

Securing a loan is one of the most difficult, frustrating aspects of the entire transaction. Unfortunately, many buyers put this process off until after they’ve signed a sales contract. If a problem arises, you might have to accept a less-than-ideal offer or lose the sale entirely.

Pre-approval allows you to take care of important paperwork before you go house hunting. Not only does this eliminate many last-minute issues, but many sellers may take your offer more seriously if they know you’ve already been approved for a loan.

Set a budget.

Getting pre-approved lets you know how much a lender is willing to offer, but that amount may not necessarily fit into your budget. Most experts recommend spending no more than one-third of your income on housing expenses, which includes your mortgage, taxes, insurance, and utilities.

Using a mortgage calculator, determine how much house you can afford based on your monthly expenses. Setting a budget will help narrow down your options and minimize the financial stress new homeowners often experience.

Don’t:

Make emotional decisions.

When house hunting, it’s easy to get wrapped up in beautiful flooring finishes or a charming neighborhood. While making an emotional connection with your new home is important, it's best to avoid rushing into a decision.

Before looking at a single house, create a list of your must-have features, and stick to it as you sort through properties. Knowing what you’re looking for in advance can help you avoid making a decision you might regret later.

Make lowball offers.

No home buyer wants to pay more than necessary, but submitting an unrealistically low bid likely won’t trigger the negotiations you expect. Remember that in an active market, the seller may have multiple bids, so they’ll likely just accept a higher offer. If you’ve found the ideal property, your real estate agent can help you draw up an attractive offer that leaves room for negotiation.

If you're planning to buy a house anywhere in the central Adirondack region, Herron Realty will help make your dream a reality. Their agents serve buyers and sellers throughout Hamilton, Northern Oneida, and Herkimer counties in New York, and they have the expertise to guide you through every step of the process to ensure you get a house that meets your needs. Visit their website to browse homes for sale, get real estate tips on Facebook, or call (315) 369-6910 to speak with an agent today.