How Many Houses Should You Look At Before Buying?
The process of home acquisition is extremely emotional. You could fall victim to a number of common homebuyer errors if you allow these emotions to make your best. As homeownership is of far-reaching importance, your emotions must be checked and your decision taken as rationally as possible.
Looking for a home might feel like you're trapped in the Goldilocks and Three Bears versions, but do you really want to settle just to do the process? For years you 're going to live in this house and deserve to love it.
Your goal is to end up with a home you love at a price you can afford, but unfortunately , a lot of people are doing things that prevent them from making that dream come true. Let's look at some of the top house-hunting mistakes people make—and how to find a house in the right way.
There is no magic number but technology has permitted home buyers in a matter of hours to look into hundreds of homes. This is a great way to get the basic knowledge of your market. See as many homes as you can online because it's extremely cost-effective. There are not a hundred or more.
However, when viewing in person, your resources are more limited. Don't get annoyed by seeing 20 or 30 homes in a day. This is overloading information, however. See three or five homes in one day, take a breath and continue yet another time if nothing comes out.
Start your search at the bottom of your price range. If you're satisfied with what you find there, there's no need to go higher. Remember, when you buy another $10,000 worth of house, you 're not just paying an extra $10,000; you 're paying an extra $10,000 plus interest, which could double that amount or more over the life of your loan. You might be better off putting that money to another purpose.
When you're seriously shopping for a home, don't go to an open house without a real estate agent or broker (or at least be prepared to throw away the name of someone you're supposed to be working with). Agents are bound by the ethical rule that they must act in the best interests of both the seller and the buyer. But you can see how it might not put you in the best bargaining position if you start dealing with a sales agent before you get in touch with one of your own.
Once you begin to gain momentum, you may begin to feel emboldened, but don't worry about being burned out. A day's tour to ten separate homes can seem like a good idea, but it's also a simple way to get overwhelmed.
Instead of taking the risk of misremembering, take in-depth notes on a few homes a day, and then review them regularly. Keeping all of these notes in one place will make sorting and compartmentalizing information much easier.
At the end of the day, you 're the only one who really knows what home will meet all your needs and is within your price point. There are no tough and fast rules when it comes to how many homes you should see or what factors you should consider.