If you’ve never purchased a home before, you might not know how easy it is to mess up a home purchase. There are many factors that first time home buyers especially fail to remember when looking for a home for various financial and emotional reasons. Here are the seven ways you can easily mess up your first home purchase:
- Mistake #1: Don’t get emotionally involved. This is number one for a reason! Everybody fells in love with the house they’re buying—or at least feels a strong emotion about them. This is a mistake that can cost you a lot: it can make you spend more than you planned to. Try and distance yourself from this purchase and maintain a cool head.
- Mistake #2: Don’t buy a fixer-upper. Right now, it’s a buyer’s market, meaning there are a plethora of homes that are available. Don’t get stuck with a home that needs major improvements, because you will be able to find another home that is perfectly suitable. Repairs will cost you a lot of money, which will lead to you having a decreased savings.
- Mistake #3: Don’t skip your home inspection. Just because you didn’t see anything untoward during your visits to the house, it doesn’t mean that there’s nothing wrong. If you’ve already made the error of getting emotional, you’re going to want to ignore anything that doesn’t work with your dream. Don’t do it! Bad things can lurk under the surface.
- Mistake #4: Forgetting to calculate costs. If you’re buying a condo, then remember to calculate the dues and fees when you’re determining your monthly payments. But there are other costs too: the points that you’ll have to pay when you close, the property taxes that you’ll owe every year, and the maintenance that you’ll have to do on the house.
- Mistake #5: Don’t spend too much money. This one connects back to Number One as well. You’re going to be making payments for 30 years, and you’ll have other expenses down the road. You can always trade up; t’s more difficult to trade down. “House-poor” is not a comfortable place to be!
At Avrus Financial and Mortgage, we help new homeowners make sound decisions that will keep them happily in their new home for years to come. We’ve helped thousands of people in Florida, California, and Georgia, and we can help you, too.
Why not ask us how… today?