You're tired of renting and decided it's finally time to buy a home of your own. Knowing that you will soon have a place that you can call your own is a pretty exciting feeling. During all that excitement, however, it is easy to make a mistake, especially if you have never purchased a home before. It's important to take things slow and consider every little factor before signing any closing papers. Here are five home-buying mistakes you need to avoid:
Not Considering Added Costs
When you purchase a home, you do not just have to worry about your monthly mortgage. There will be several other costs you will be responsible for, including property taxes and maintenance costs. For example, if your furnace goes out in the middle of the winter, you will have to pay the entire cost to replace it. It's important to carefully consider all these other costs and make sure you have enough room in your budget to cover them.
Skipping a Home Inspection
No matter how well-kept a home looks, you should always have a professional inspect it before you make an offer. A certified home inspector will carefully inspect every feature of a house to make sure there are no major issues. For instance, they may look at the roof to make sure it's sturdy and in good shape. After the inspection is over, the inspector will provide suggestions on what repairs the house needs. Hiring a home inspector can help you avoid purchasing a home that will require extensive repairs down the road. It can also give you room to negotiate a lower price on the home when it is time to close.
Not Putting Enough Money Down
Many lenders nowadays don't require a 20-percent down payment to qualify for a mortgage loan. However, that does not mean you shouldn't save at least this much before you buy a house. If you have a hefty down payment, you can lower your monthly mortgage payments and increase equity in your home. Be patient and take as much time as you need to save up for a 20-percent down payment. If you cut out unnecessary expenses and save aggressively, you will have your down payment in no time.
Letting Your Emotions Affect Your Buying Decision
The home-buying process can get quite emotional. If you allow yourself to get too emotionally attached to a house, you could end up spending more money than you can really afford. It's important to keep your emotions in check and be practical about the home you decide to buy. Before you start your search, make a list of the qualities you must have in a home, such as a big backyard or central air, and go from there. The home you choose might not have every feature you desire, but it will have the ones you consider truly important.
Not Working With a Real Estate Agent
Buying a home involves several steps and can get quite complicated. That's where a good real estate agent comes in handy. An experienced real estate professional will guide you through the entire process, assist you with any paperwork and negotiate with the seller on your behalf. This person will also have listings that you don't have access to. If you can't seem to find a home with a large-enough backyard, for example, a real estate agent can help you out.
Purchasing a home is one of the biggest decisions you will make, so don't take it lightly. Avoid these common mistakes to buy the right home for your specific needs. For information on homes for sale, check out websites like http://www.adamscameron.com.
Hi, my name is Jessica Williams. Thanks for stopping by my website. I have moved a number of times and in three cases I have had to sell a house. The first time I sold a house I listed it with a real estate agent. The second time I did it myself. The third time I listed with a realtor. You can probably ascertain from this information that I found listing with an agent the better route. I managed to sell my house by owner that one time, but never again. There is too much involved and too great a risk for errors. There’s a bunch of paperwork and preparation that goes into selling a house, more then I imagined. My goal here is to share my experiences with you. My hope is to make your experience as pleasant as possible.