5 simple mistakes to avoid when buying a home
Homeownership is the American dream for most people. Planning to become a homeowner is a choice that will set the foundations for a lifetime of financial freedom. While lead testing and asbestos removal costs are a normal part of homeownership, there are other areas you want to avoid. Paying attention to these 5 mistakes will help ensure that you become the happy homeowner with a manageable mortgage you want to be. You’ve probably been doing lots of research as a prospective buyer, but it never hurts to do more. Let’s get started on learning 5 simple mistakes to avoid when buying a home.
Overextending Yourself With A Loan You Can’t Afford
This is actually a mistake that people make all the time. You may have just visited the perfect home and fell in love with it. It doesn’t help to get your heart set on a home that you can’t afford. It’s best to just avoid homes that are out of your budget altogether. This way, you won’t upset yourself by getting into a loan that will come back to haunt you.
Making Large Purchases Before You Buy A Home
When buying a home, it’s best to have as good as credit as possible. For lenders, they want to see that the balance of every loan you have ever had to be either paid off or almost paid off. This means that you should avoid taking out any new credit cards, purchasing automobiles or anything else you can think of. Safe the large purchases for after you secure your home loan.
Underestimating Moving Costs & Closing Costs
Don’t forget to include closing costs and moving costs into the budget. This will help you accurately estimate your total cost for purchasing a new home. Don’t ever underestimate how expensive these fees can be. As a buyer looking, looking to own your first home, add these fees to your total costs to gain a real number you can be comfortable with.
Not Taking Advantage Of First Time Home Buyer Loans
There are many programs that offer buyers subsidized loans that were designed to make it easier for you to buy a home. Even if you are not a first-time homeowner, there are other options that can assist you will own a home.
Not Getting A Home Inspection
You may find yourself searching for things like asbestos testing near me, or radon testing cost, however, you should also be performing an in-depth home inspection that covers everything from A to Z. There are many services designed to get you the home inspection report you need.
Now that you understand what not to do, your home buying journey will get a lot smoother. Don’t hesitate to check the list above to make sure you aren’t making a rookie mistake when buying your first, second or third home.
