7 Home Buying Mistakes You Don’t Want to Make
7 Home Buying Mistakes You Don’t Want to MakeJanuary 14th, 2020
I’ve rounded up some tips to help you avoid some of the most common home buyer mistakes. If you need any additional help please feel free to contact me directly!
- Not getting a pre-qualification letter. Before starting the home search, you should get in contact with a lender and get pre-qualified. This will show you how much house you can afford, and offers you peace of mind while searching.
- How much do you want to afford? Going through your income, investments, and expenses may show you that the number your lender gives you isn’t what you actually want to spend on a house. You will know if that number is high, you may want to look at houses in a lower range to be able to afford your day to day life.
- Don’t underestimate the cost of being a new home owner. The cost of your mortgage is just the start of your monthly expenses. If you rented before, you are probably accustomed to your landlord paying for things like property taxes, insurance, maintenance, etc. These will fall on you to pay for now that you are a homeowner.
- Don’t fail to think about the long term. Cosmetic things you may not like about the house can be changed over time. However, things like being in a good neighborhood, and general location cannot.
- Spending all of your money. You should try to avoid spending all of your life’s savings or draining your bank account to buy a home. You will want a safety blanket to cover any unexpected expenses that come your way.
- Don’t forgo an inspection. Before celebrating that you’ve found your dream home, it’s important to hire a professional to check your home out for any problems that could impact your decision to buy.
- Forgetting the contingency clause. In your purchase agreement, consider including a contingency clause that allows you to back out if your loan falls through, if the home doesn’t appraise at the sale price, or if you lose your job.