4 Common Home Buying Mistakes to Avoid!
Many starter-home purchase decisions are primarily driven by price, but there are so many other items to consider when you are on your home buying journey. Knowledge is power, so keep these common home buyer mistakes in mind when you begin your home search!
Stuck on Price
It’s easy to get a number stuck in your head and refuse to give up, but that figure might not be doable depending on your local real estate market. Raising your price range by $10,000 may vastly increase the available homes and may only mean a slightly higher mortgage payment. On the other hand, you don’t want to get so stuck on the price when negotiating the price with the seller. Everybody wants a “deal” but don’t run the risk of losing a home because you were out bid or didn’t offer what the seller is asking for. Just stay focused on being comfortable with your mortgage payment.
Ignoring the Neighborhood
When choosing a new place to settle down, you should always pay special attention to the houses around the one you are looking at. Surprisingly, plenty of issues could pop up to derail your purchase or kill your enjoyment of the home once it belongs to you. That could mean a commercial area too close to home, a rundown house across the street, or zoning changes. Issues like these can also negatively impact you down the road when you want to sell. Whatever it is, just think it through. You can always fix your home, but you can’t change the neighborhood.
Forgetting Your Work Commute
A move away from the city center into the suburbs is typically driven by affordability but taking on an exceptionally long commute may not be worth it in the long run. Do a few test runs to see if you are really willing to commit to the new commute and determine if the cost of additional mileage and wear and tear (not to mention your mental state) is worth it.
High on Emotion
Buying a house is a major life milestone, so it will also understandably bring some personal emotions along with it. Just keep the emotions at bay when making home buying decisions, and don’t let little details about houses seduce you. Emotional decisions could lead to overpaying for a home and stretching your budget beyond your means. It’s easy to get too attached, so remember that you’re also making one of the largest investments of your life.
The Down-Low on Down Payments
While a 20 percent down payment is considered ideal, it’s not actually as common as you might think, nor is it a necessity to buying a home.
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A strong credit score is important if you want to buy a house one day. Whether you’re new to credit or want to see your score go even higher, here are some expert tips on building healthy credit!
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