By Katie Bain
As a long time Real Estate Agent, I’ve seen many homebuyers make three common mistakes. In today’s post, I will break down what those three home buying mistakes are so you can make a more informed decision when purchasing a home in Portland.
Mistake #1 – Not Investigating the Neighborhood
Although you’re excited about buying a home in Portland, the reality is that you can’t forget to thoroughly research the neighborhood where you want to buy a home. Here are a few things you should do to learn more about the neighborhood:
Visit the neighborhood at different times of day, especially in the morning and evening, to see what kinds of activities are occurring in the area and what traffic is like. Investigate the local crime statistics, which can be found on various websites or by calling the local police department. Talk with neighbors to learn more about the people you will be living close to and what they know about the neighborhood. Finally, look to see what amenities the neighborhood has to offer such as parks, nearby schools and libraries, public transportation, stores and restaurants and other factors that may be important to you.
Mistake #2 – Forgetting About Transportation Issues
Take into consideration how far your new home will be from your family, job, schools that you or your children may attend and any other places that you regularly go to. If the location of the home adds an extra 15 to 30 minutes to your commute each way, that could be up to an hour out of your day that you are not currently used to spending in transit.
Parking is also a consideration if you have a vehicle. If you are in an urban neighborhood without a driveway or garage you’ll want to see how readily available on-street parking is. If there are parking lots or structures nearby that you want to utilize for parking, you should figure that monthly expense into your overall cost of purchasing the home. If the home is part of a Homeowners Association, there may be parking restrictions or specifications that you will want to consider before making a purchasing decision.
Mistake #3 – Dismissing Your Renovation Budget
When buying a home you should set a home improvement or renovation budget that meet your financial goals. Many times buyers find homes that need some improvements or more extensive renovations. It’s not uncommon to find out that there are more renovations needed than assumed at the time of purchase, especially when uncovering unknown issues, which is common in older homes. Before you purchase the home, consider having contractors give you estimates on work you plan to do to make sure it is within your budget and ask them about additional expenses that could occur. It is a good idea to get multiple estimates and use reputable contractors or contractors that you have been referred to through a trusted source. Once you have estimates for the work you plan to do, make sure the total cost is below your budget and allows for any unexpected costs that could arise.
For more tips on buying Portland Real Estate, or to view the latest homes for sale in the area, contact me, Katie Bain, Principal Broker with EquityPoint Real Estate by calling me at (503) 595-8800 or click here to contact me through our website.