May 31, 2023:

Don’t Make These Home Buying Mistakes in Southwest Florida

As humans, we all make mistakes from time to time. However, when searching for your dream home in Southwest Florida, or even your first home, those mistakes can be costly and cause significant heartache.

On average, people purchase homes once every seven years, so even if this isn't your first home, it may have been a while since you have dived the new listings in Southwest Florida. We'll look at the top 5 mistakes you definitely want to avoid making if you're buying a home in Southwest Florida.

Buying from Canada?

Are you a Canadian planning to purchase a home in Southwest Florida? Bid adieu to your snowy commutes and relish the white, sandy beaches all winter long in this paradise on earth. To ensure a smooth process, it's crucial to avoid the mistakes discussed here. Additionally, since purchasing a home in a foreign country involves various factors, it's recommended to read the comprehensive guide "Tips for Canadians Buying Property in Southwest Florida" for all the necessary information.


Underestimating the overall cost of purchasing a home is a common problem for buyers, particularly first-time home buyers. For example, many first-time buyers are surprised to learn that there are closing costs. In Southwest Florida, closing costs will cover fees like doc stamps, adjustments, title fees and lender's insurance. Make sure that you budget for these additional fees before finding your dream home. No one wants to be surprised with unforeseen costs at the eleventh hour of making a significant purchase like a home. 

This is also why sticking to your budget when searching for your first home is essential. Buying a home is emotional and exciting. The worst feeling is undeniably falling in love with a Southwest Florida home that is out of budget or having to scramble to pay for those additional closing fees.


Car Picture

When you're in the home-buying process, the last thing you want to do is increase your debt-to-income ratio by making a large purchase. An example of this would include buying a brand-new car. Does this mean you must go on a complete 'No-Buy' while looking for a home? Of course not. Your approval will not hinge on whether you bought a pair of sandals or went out for lunch on a Tuesday afternoon. The objective is not to put yourself into more debt when purchasing a home.

Avoid any purchase requiring financings, like a vehicle, major appliances, or personal recreational vehicles. In addition, keep the debt on your credit cards as minimal as possible during this time. There will be plenty of time to make these additional purchases once you have closed on a home, so it's best to wait. 


Any income changes can affect your ability to get approved for a mortgage. Changing jobs, particularly changing job industries, can result in pay adjustments or changes in payment schedules, which can turn up as a red flag for lenders. In most cases, lenders want to see two years of consistent earnings to predict whether your future income can afford the desired mortgage. Even if you are already approved, changing jobs can jeopardize your ability to close on the home. Life circumstances can happen, so if you anticipate an imminent job change, it's best to discuss it with your lender and your Realtor®.


Furniture Picture

You might be tempted to head to your local furniture store and buy a sofa you think will look PERFECT in that cozy living room nook. Trust us, this is an easy mistake, especially when you are so excited about your new home! Even if you buy this furniture with cash, you may regret it. So instead, it's best to wait on purchasing furniture until after closing day when the sale is final (and when you can take proper measurements and feel what your needs will be inside your new home!). Then, as exciting as it can be, you will save yourself a massive headache down the road.


Finding the right Realtor® is sometimes just as important as finding the right home for you. In many ways, you can't have one without the other! From researching the home's history to ensuring that it is priced reasonably for the market conditions and value to ensuring that you are comfortable and informed through the entire process, the role that your Realtor® plays in securing your new home is invaluable. Your Realtor® will guide you through this experience and ultimately determine whether your buying experience is End-to-End Stress-Free or full of bumps along the road.


Whether it is your first time buying a home or your tenth, we understand that the process can get a little overwhelming. That's why working with a team of experts in the Southwest Florida Real Estate market who will go above and beyond to ensure our clients have everything they need and find the perfect home for their Best Real Estate Experience! Don't make the mistake of choosing a team that won't go Full Out® For You!

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