3 Mistakes To Avoid When Buying A New Home

In Real Estate on August 19, 2013 by Community Expert Team
3 Mistakes To Avoid When Buying A New Home

There are many different things to think about when buying a new home. You need to think about budgets, credit scores, loans, locations, home repairs and much much more. With all of this on your mind it can be easy to overlook different areas which is why using an experienced Castle Rock Realtor is always a good idea. They will help you with every step of the home buying process and look out for your best interests.

 

3 Mistakes To Avoid When Buying A New Home

 

Overlooking Transportation Costs

Transportation is the second highest cost for households after housing. Whether you drive yourself or use public transportation, this adds up in a hurry. Living too far away from work can add a lot of expense into your budget. Another thing to consider is that commuting for work is typically only 1/5 of a households driving expenses, there is also shopping, school and many other things to consider. If you move too far away to buy a cheaper home, you may quickly lose this saving in transportation.

Spending Too Much On Housing

You may be thrilled to find out that you are qualified for a $250,000 mortgage loan. But just because you qualify doesn’t mean that you should be spending $250,000, which is often times what many new homeowners do. You need to know your personal budget, your financial goals and potential income setbacks you could possibly face. Leaving room for loss of income and other life expenses is always a good idea.

Biting Off Too Much Work In Home Improvements

It is easy to walk through a home and get exciting thinking about everything you are going to do to the home after it is yours. You may want to remodel the kitchen, the baths, paint, add new siding, build a deck and more. If you don’t budget for these ahead of time, you may be surprised at the costs later and realize that they are not even feasible. Make sure you know what you are getting into before buying a home.


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