Don’t Fall for these Common Home Buying Mistakes
Fear, excitement, stress, worry, happiness, and an array of other emotions are experienced by those buying a home for the first time. The goal is finding a home that meets your needs and expectations but is also affordable to the budget. Sadly, so many common mistakes are made by first-time buyers that the dream is often dismantled along the way. Rather than succumb to the common home buying mistakes that put a hold on the sale and add frustration to the day, learn four of the most common home buying mistakes and how to avoid making them yourself.
1. Not Knowing How Much You Can Afford
Although the bank may approve you for a nice, healthy mortgage and assure you that you can afford the monthly payments, listening to the bank can get you in a world of trouble. Make a budget listing your monthly expenses. Subtract the amount from your take-home pay to determine the amount of money you can comfortably afford to spend on your mortgage each month. Mortgage calculators are available to help you better determine how much you can afford.
2. Additional Expenses
The monthly mortgage payment is only one expense you’ll incur as a homeowner. There’s an array of additional fees that are your responsibility to pay, such as homeowners insurance, property taxes, and repairs to the home as they become necessary. Homeowners Association fees are another example of miscellaneous fees you may incur each month. These fees can vary from a few dollars to a few hundred.
3. Being too Picky
Do you want off-street parking? Is a home office a must? Everyone has qualities they want in a home and it is important to create a list that details those wishes. However, do not allow inflexibility to prevent you from finding a home that is close to perfect or to pay more for a home than your budget allows. It is easy to upgrade the right home later down the line if you find a great deal on an almost perfect home that lacks just a few of the qualities that you want.
4. Foregoing a Home Inspection
Before closing on the sale, call a professional home inspector to help better determine the condition of the house. The staging process that agents use to create more curb appeal may be hiding some small, yet costly, problems, like leaking pipes, rotting floors, or even mold growth. Common home buying mistakes such as this one leave many buyers disappointed when the deal is closed. Do not place yourself amongst those people and ensure an inspection is performed by an experienced third-party, neutral inspector.