Right now, it’s a great time to buy a home. Properties are priced affordably, and interest rates are historically low. That doesn’t mean that you can go out and buy without thinking. You still need to do your homework and proceed with a plan.
After all, buying a home is likely the largest purchase you will ever make. Make sure you do it right by avoiding these major home buying mistakes.
Buying more house than you can afford. Spending more than you planned on a home may seem like no big deal, especially when you spread it out over a 30 year mortgage. Over time, however, those extra dollars each month can put a strain on your finances. Get preapproved for a mortgage so you know exactly how much you can spend, and stick with that figure.
Not having an emergency fund. Remember, once you own your home, you have to pay for anything that needs to be fixed. With any house, there will be expenses that you didn’t budget for. Make sure you have an emergency stash of cash to help you get through unexpected repairs.
Not getting an inspection before you buy. You’ve looked over the house thoroughly, and so have your in-laws, and all your friends. However, there still could be hidden surprises waiting for you. A crumbling foundation, bad electrical wiring, or hidden roof damage are among the things likely to be spotted by an inspector’s trained eye.
Not thinking about resale value. Remember that you will probably sell your home at some point. Choose a home based on what you want, and also consider what other buyers are looking for. Look for desirable neighborhoods, schools, and other amenities so your house will hold its value.
Trying to do it yourself. Buying real estate is a complicated process. You need a professional to help guide you through buying your home. That’s where your Realtor® comes in. It just makes sense to have someone who is an expert to help you out.
Don’t just stumble blindly through the home buying process. Take care to avoid these mistakes, and you’re more likely to end up buying your dream home, instead of getting stuck with a nightmare. Contact me today for a consultation. I will be happy to answer any questions you may have about the home buying process.
Image courtesy of Luiz Fernando Pilz, Stock.XCHNG.