Mistakes To Avoid When Buying A Home
“You build on failure. You use it as a stepping stone. Close the door on the past. You don’t try to forget the mistakes, but you don’t dwell on it. You don’t let it have any of your energy, or any of your time, or any of your space.” – Johnny Cash
Johnny may have been right with not letting mistakes have your energy, time or space, but in real estate, mistakes can sure take your money! That is why using a realtor along with knowing some of the more common mistakes home buyers make can help you save time, energy and your money.
Failing To Consider The Additional Costs Of Home Ownership
Often times when doing their research and planning their budget, many first time home buyers don’t understand all of the expenses they may be running into in their new home. First there are the expenses associated with buying the home such as closing costs. Second, planning on home repairs, appliances, utilities and more are vital in buying a home that you can truly afford. A good realtor and mortgage broker will help you plan accordingly so you don’t have any surprises along the way.
Not Checking Your Credit Report And Credit Score
Having a low credit score can cost you thousands over the course of your loan life. If you think that buying a home may be in your future, now is the time to check your credit score and start doing everything you can to improve that score. This is not to be approved for a bigger loan, but a better loan.
Not Knowing Your Current Housing Market
If you want to land a good deal on a home and not overpay or spend months getting offers rejected, you need to really understand your current housing market and understand how it exactly affects your desired neighborhood. This is where an experienced realtor can really be worth their weight in gold. They should be an expert in your neighborhood and know exactly how to structure the best offer possible.