Few purchases in life are as big of a deal as buying a home, and there are so many ways it can go wrong.
Avoid common home-buying mistakes by keeping the following in mind:
Look at the entire cost of homeownership
Don’t just zone in on the down payment and monthly mortgage payment. There are so many more costs to consider. You’ll have closing costs, property taxes, homeowners’ insurance, legal fees, and then additional costs after you close. Take into account the monthly utility bills, insurance, and maintenance costs.
Keep resale in mind
Even as you are buying a house, make sure you are looking down the road to when you will need to sell it because a lot of homeowners don’t stay in their homes as long as they plan to. Pay attention to the location, neighborhood quality, school district, etc. that would impact the house’s resale value.
Be willing to walk away from a deal
Don’t set your heart on one “perfect” house. There are reasons a deal can fall through, and many of those reasons are to your benefit. For example, your home inspection could turn up significant problems, and if the seller won’t fix them or reduce their asking price, you’ll be faced with a big decision. Having a willingness to walk away can save you from experiencing buyer’s remorse and/or overpaying for a house filled with problems.
Hire the right agent
Don’t hire the first agent you meet. Who you hire will represent you and help you make your huge purchase, so trust and experience is important. Take your time and interview multiple agents, and check references.
Don’t skip the home inspection
The cost of getting a home inspection is well worth it. It can raise some red flags, and often point out major deal breakers like foundation problems. A home inspection helps you get a complete picture of what you are buying, and not doing so would mean you’ll make a blind purchase.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation
