Common Mistakes Most New Home Buyers Make
You cannot return a home and get your money back if you are dissatisfied with your purchase. Therefore, buyer be aware and take your time with the decision that will likely be one of the biggest purchases of your life.
Too often new homeowners make common mistakes and buying a house they later find they cannot afford is one of them.
Before you invest energy and money into a new home, sit down and figure out what you can afford to spend. Your expenditure will depend on all of your expenses for the home and other living incidentals.
Then you should go to a mortgage lender and find out if you can get pre-approved for a loan.
Taking these steps will eliminate a lot of frustration. This way you will not only know whether you qualify for a loan or not but also how much of a loan you will be able to get. Then talk with a real estate agent armed with the necessary information you need to make a sound decision. Your agent will act as your representative to negotiate housing and closing costs.
Since lenders will be checking employment history, hold off on changing jobs until after you have secured your home purchase. Lenders are looking for job stability so if you have been moving from a lot of jobs it will help you to settle down on a job for a while before seeking a mortgage.
Visit the neighborhood of choice at various times of the day or night. Take note of the surroundings,the neighbors, traffic and just about anything that would be of concern to you moving into a new area. Once you close and move in there is nothing you can do to change the community.
Make sure you address any concerns you have with your real estate agent. They are trained and experienced to quash the fears of the homebuyer so they can progress to homeowner. Your agent will stay abreast of the negotiations process and keep you informed and provide a checklist of other essentials you need to procure, such as a home inspection.
If you fail to get a home inspection you risk buying a whole lot of problems that can’t be fixed or that will be too expensive for you to fix. Knowing what the problems are will prepare you if you decide to go ahead with the purchase. In some instances, the seller may be willing to take care of the matter but just in case they don’t you can determine whether or not this will be a deal breaker.
Once you have decided on the home you wish to purchase your real estate agent will advise you of a proper selling price. You don’t want to make the mistake of paying too much for a property. Agents can use technology to determine what is a fare market price.
Home buying is an expensive process. By making careful consideration of your expenses and requirements you have for a home, your agent can help you avoid many common mistakes.