Buying a home is exciting and terrifying. After all, this is the biggest financial move most people ever make. As such, there's a lot of room for error, and even tiny mistakes can translate to tens of thousands of dollars.
The lesson here: Even the most intrepid home buyer should get some guidance not only on what to do, but also what not to do. Look no further than this list, which highlights the most common mistakes buyers make so you can avoid the same fate.
1. Don't shop for homes without an agent
By all means, start out by looking online at pictures of pretty houses—the more the better. It's a vastly useful way to get the lay of the land. But when it comes time to get serious about buying a house, you should find a professional to help you out.
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Think of a buyer’s agent as a fairy godparent who’s here to turn your homeownership dreams into reality. This person will guide you through every step of the home-buying process—from finding the right property and writing a winning offer to negotiating home inspection repairs and sailing through to closing.
“You want an advocate who is going to look out for your best interests in the transaction,” says Bellevue, WA, real estate agent Holly Gray.
You can use realtor.com’s Find a Realtor® tool to search for experienced agents in your area.
2. Don't meet with just one mortgage lender
Once you’ve found a real estate agent, your next step should be to get pre-approved for a home loan. To do that, you’ll have to meet with a mortgage lender and provide a good amount of paperwork, including two years of W-2 forms, two years of tax returns, and proof of funds for the down payment (among other documents ).
That mountain of forms is one of the things that prompts many to meet with only one lender, says Richard Redmond, a vice president at ACM Investor Services in Larkspur and author of “Mortgages: The Insider's Guide.” That's a potentially big mistake!
Redmond recommends getting at least three quotes from different lenders so that you can survey your options and find the best loan for you. One option you have when shopping around is to meet with a mortgage broker—basically an intermediary who presents you with options from a variety of lenders. No matter what, "you need to feel comfortable with the lender you choose," says Redmond. "You want a lender who asks probing questions, listens to your answers, and presents you with intelligent options."
3. Don't understate your budget
It might sound strange, but a number of home buyers make the mistake of hiding their true budget from their real estate agent.
“Some people are afraid that their agent is going to make them buy the most expensive house that they can afford, so they understate their price range,” says Daniel Gyomory, a real estate agent in Northville, MI.
However, if you're not upfront with your agent about your price range , you might miss out on a great house.
“If you tell me your budget is $300,000 maximum but you’re actually willing to pay $400,000, I may not send you listings that could actually be a good fit for you,” Gyomory explains.
4. Don't hold out for the 'perfect' house
People throw around the words “dream home” a lot. (Heck, we’re guilty of it.) However, here's the not-so-harsh truth: “There’s no such thing as a perfect house,” says Gyomory. And that's why he has clients create a list of “musts” and “wants” to identify their criteria and focus on what really matters to them.
5. Don't make ridiculously lowball offers
You obviously want to get a bargain, but you could lose out on a home that you love by making an absurdly low offer. In fact, a recent survey from Inman found that 15% of real estate agents say the third-largest mistake people make when buying a home is offering too little for a property (that’s behind not talking to a lender first and waiting too long to make an offer).
“When you overlook market data and make a lowball offer, you’re pretty much slapping the seller in the face,” says Gyomory. And if you offend the seller, the person might not even be willing to make you a counteroffer.
Bottom line: Trust your agent to help you assess the value of a house and write a winning offer , says Karen Elmir, a luxury real estate agent in Miami.
6. Don't forget to budget for closing costs
The home seller will chip in some money at settlement; however, as the home buyer, you have the (unfortunate) pleasure of shouldering the lion’s share of the closing costs. Your mortgage lender should be able to give you a rough estimate of your closing costs once a seller accepts your offer, but as a rule you can estimate that they typically total 2% to 7% of the home's purchase price. So on a $250,000 home, your closing costs would amount to anywhere from $5,000 to $17,500.
7. Don't make big purchases before you close
Once you have found the right house and get the seller to accept your offer, your loan still needs to go through underwriting in order for you to obtain the mortgage. One thing underwriters do is look at your credit score from the three major credit bureaus—Experian, Equifax, and TransUnion—to make sure your credit hasn’t changed since you were pre-approved.
Therefore, you'll want to avoid taking on any new debt while you’re in the process of buying a house. Purchasing a car with an auto loan or maxing out your credit cards, for example, could hurt your credit score , which could potentially raise your loan’s interest rate or—in the worst case—get your mortgage application rejected. (In other words: Bye-bye, new house.)
9 Ingenious Tricks to Make Your Bathroom Look Expensive
With the average bathroom remodel tapping in at nearly $18,000, we wouldn't blame you for throwing in the (bath) towel on retiling your loo in onyx and marble or installing a gold-plated claw-foot tub.
Luckily for all of us, it's easier than ever to fake the fancy for a fraction of the cost of a complete renovation. We've consulted with design experts from coast to coast to cull their favorite tips for making a bathroom look luxe for less.
1. Tile diagonally (or to the ceiling)
Designer Carolyn Rebuffel of Workroom C recommends diagonal tiling versus tiling along the square in a vertical or horizontal line. This trick will not only make your bathroom look fancy, it'll open up the space as well—crucial if you have a cramped loo.
"This will give a custom, bespoke feel to your bathroom," she says.
Kevin Sawyers, the San Francisco–based founder of Sawyers Design , recommends fully covering a wall in tile—all the way to the ceiling—"to add lot of sparkle and dimension to an otherwise lifeless surface."
"Material selections are very important, but how you use specific materials is paramount," he says. "Adding tile to a small area doesn’t use the material to its best advantage."
Tiling can be expensive if you use a pro— up to $2,000 depending on the size of your space—but this is a job you could tackle on your own if you're an adventurous DIYer.
2. Add large-scale lighting
Traditional bathroom designOne of Rebuffel's favorite tricks is to use large-scale light fixtures—specifically flush-mount chandeliers.
"These can make a big impact overhead, but won’t take up any of the room’s physical space," she says. "Remember, space is your biggest luxury."
3. Use plants (yes, really)
Contemporary bathroom designFresh-looking plants in galvanized planters like these from Epitome Home help draw the eye up, making a small space appear larger, says interior designer Christina Harmon.
We know what you're thinking: The bathroom might seem like the last place you'd want to store a living thing. But some plants actually thrive in the bathroom. Try aloe vera, Boston ferns, and even orchids.
4. Indulge in classy containers
Opt for beautiful glass bottles or dispensers.Houzz
We're not just talking about buying one of those bathroom accessory sets with the matching soap dispenser and toothbrush holder (although you should do that, too). We're talking about rehoming all your drugstore toiletries throughout your bathrooms. Think: beautiful glass bottles or dispensers for your shampoo, body wash, and lotion.
"This will make your space feel luxe, special, and thought-out—especially if your toiletries are on the cheaper side," says Harmon, who loves amber glass containers such as these from Amazon.
5. Punch up your towels
Transitional bathroom designLook for towels with rich detail such as embroidered edges, ribbon trim, and monogramming. Harmon also loves Turkish towels , which dry easily and have a luxe, light-weight feel.
6. Incorporate gold and metallic accents
Contemporary bathroom designBrass, that decor staple from the 1970s and '80s, is back in a big way, according to Janet Ramin, who teaches the interior design course at the New York Institute of Art and Design. Add touches of it (or any other gold-toned metal) to infuse your bathroom with a bit of warmth and elegance,
But it’s important to use the right shade—"otherwise a space can look garish instead of great," says San Francisco Bay Area designer Cecile Starin.
"The gold of yesteryear, which had a more greenish base, looks dated now," Starin says. "But fixtures in brushed golds in sleek shapes look warmer, new, and fresh."
Wondering how to get the look without ripping out everything and starting over? Try metallic accent pieces such as wastebaskets, soap dishes, and other vanity products. They'll offer the same effect without overwhelming your space (and are less expensive than new fixtures).
7. Add an unusual mirror
Contemporary bathroom designTo really elevate your bathroom look, choose a (preferably large) mirror with an interesting or unique shape or finish such as gold, Moroccan , or tortoiseshell.
"Scale can be leveraged to make a strong style statement, so adding an oversized mirror—especially extending all the way to the ceiling—will add visual space and drama," says designer Sam Jernigan of Renaissance Design Consultations. Her suggestion: have the mirror cut to house a pair of surface-mount sconces.
8. Hang oversized art
Contemporary bathroom designA single oversized piece of artwork is another luxe wall decor option. Have a tiny bathroom? Even better. Big art will do wonders for that space, too.
"It'll serve to visually anchor a smaller space," Jernigan says. "The unexpectedness of seeing a 5-foot framed piece in a smallish room helps reinforce this idea of 'borrowing' inspiration from upmarket spaces."
Just be sure the piece is appropriately framed to guard against moisture and steam damage.
9. Swap out your shower curtains
Traditional bathroom design"If you use shower curtains instead of sliding doors for the tub, use real bedroom curtains rather than those meant for the bathroom," Ramin says.
There’s a larger selection, and you can find silk or silklike curtains to instantly up the luxe factor. Be sure to add an inexpensive fabric shower liner underneath. There's your instant glam!
