For most people, buying their first home is an important achievement. Despite all the fanfair involved, though, home buying is not as simple as it seems and mistakes are bound to happen which may cost you money, time and effort. For that reason, here are a few valuable tips on what mistakes you should avoid as a first time home buyer.
First on the list, and the most important of all, is not checking your financial status. Even after getting approved for a mortgage, you still may not be able to shoulder the costs of owning a particular home:
Not checking your financial status
One of the biggest mistakes you can make is spending money you don’t actually have. There are times when our idea of what we can afford is very different from what our bank account tells us what we can afford.
Before choosing a property, make sure you evaluate your total expenses first. Look at your daily expenditure, payments you make once a year, and the money you put aside as your savings. Subtract all of those in your current take home pay, and that’s the amount you can save each month for your home.
You can always ask the bank for a loan, but again, check if you can make the monthly payments for it. Via mscareergirl.com…
Let’s be honest, buying your first home is likely to be the most you’ve ever spent. If you don’t have the money to buy the home you want, it’s a good idea to either find another at a lower price, or put the purchase on hold till your situation is better.
Next is not doing your own research on the neighborhood, market trends and many more:
Do your homework, all of it
With online resources, you can research pretty much everything about a place and you should definitely take advantage of that. Not only can you check out what shopping, schools and recreation centers are nearby, you can look up what other houses are selling for in that area, crime rates, traffic flow and any specific amenity right down to how many swings are at the local park. Do as much research about an area as you can.
Doing all this research online means that you can also check out many different areas of a city or even multiple cities in the course of a few hours. Don’t stick to a specific area unless you need to. You might find hidden gems in other locations outside of where you were initially looking. h/t theloop.ca…
When it comes to home buying, you always need to be prepared. Research the house you want, the home price, neighborhood and all of that are necessary. Even if you do it on your own, you’ll be able to learn a few things here and there that might come handy throughout the home buying process.
Lastly, is neglecting home inspection before buying a house. A recent post from Private Property explains why a home inspection is a must:
Inspect the home before you buy
This should be a no brainer after all you wouldn’t consider buying a car without checking what’s under the bonnet and taking it for a test drive. However, for some reason, many homebuyers only look at the cosmetics of a home and don’t bother delving a little deeper before making a decision to buy.
While it is highly recommended employing a qualified home inspector for the job, if this isn’t a financial option, consider calling on the services of experts such as plumbers and an electrician to ensure that the basics are in order before signing the agreement. read more privateproperty.co…
Most first time home buyers tend to skip home inspections but the home inspection is a key aspect of the home buying process, and skipping it may lead to buyer’s remorse.