Homeownership certainly isn’t a cheap decision 🤑. In a shocking 71% of the country, the average family 👨👩👧👧 cannot afford a home 🙅♀️, according to CBS News. Many first-time and prospective homebuyers are rethinking 🤔 their big-city dreams — and for good reason, as millennials find themselves unable to cover the ever-rising housing costs 💸 that come with living in a metropolitan area 🌆.
It’s not just first-time buyers who make mistakes when buying a new abode. It’s easy to overstretch financially 💲 or to overlook 🙈 something you shouldn’t when you see a new home you’d love to own. From buying furniture 🛋 for a home you don’t yet own to presenting an earnest money deposit check that’s not in your name, real estate and loan professionals have seen buyers make common mistakes all the time. Here are 11 home-buying mistakes 😫 and how to avoid them.
Owning a home on or near the water 🌊 never seems to go out of style. “You can live in a scenic setting, be out on a boat 🚤 and enjoy a beach 🏖 or another body of water, even if you don’t swim 🏊♂️” said Danielle Hale, the chief economist for Realtor.com. Waterfront homes may be even more coveted during the pandemic 🦠. According to data 📊 from Sotheby’s International Realty, searches 🕵️♂️ for these properties on its site increased ↗️ by 72 percent from January to Sept. 23, compared with the similar period in 2019.
People tend to think that real estate investing is passive. But that couldn't be further from the truth, according to landlord Becky Nova. In her experience, being a landlord 🏢 is best suited for certain types of people. "I think it's important for people to always invest in things that they understand. If you are going to invest in real estate, you need to know your numbers 🔢, and you need to understand people 👨👩👧," says Nova, a real estate investor who owns 10 properties 🏘.
Your home might be your biggest asset — and yet, you could be inadvertently making it less valuable 📉. Some updates and renovations can backfire 🔙💥 when it comes time to sell 💵. “What I have seen a lot of people do is rip out a closet,” 🚪 says Steven Gottlieb, a licensed real estate salesperson with Warburg Realty Partnership in New York City 🗽. Where he works, in Manhattan and Brooklyn, space is at a premium 💰. That means eliminating a closet can be a costly mistake 😟.
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