})(); 4 Common Home Buying Mistakes to Avoid! - ALCOVA Mortgage

4 Common Home Buying Mistakes to Avoid!

View of Wilmington North Carolina from across the river

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 and make emotional decisions, so remember that you’re also making one of the largest investments of your life.

3 Tips to Own Your Starter Home

While your starter home may not be your forever home, finding and financing the right property is important. Here’s 3 things you should know when it comes to finding the right property and financing your starter home!

5 Tips to Know Before Buying a House

Did you know that you can control a lot of elements that ensure a smooth close on a house? Check out these 5 simple tips to follow before owning that home!

4 Benefits from Choosing Home Ownership

Is owning a home right for you? At one point or another, this question pops up in everyone’s mind, and it’s important to weigh your options carefully depending on your personal circumstances and finances. To help you decide if owning a home makes the most sense for you, here are some of the main reasons people choose home ownership!

ALCOVA-color-bar
color-bar-mobile

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA (License #42101), KY, MD, NC, OH, PA, SC, TN, VA, WV | 308 Market St SE, Roanoke, VA 24011

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, CO, DC, FL, GA (License #42101), KY, MD, NC, OH, PA, SC, TN, VA, WV | 308 Market St SE, Roanoke, VA 24011