We all make mistakes every now and then
And we should learn from those mistakes.
For the First Time Buyer, here are a few mistakes to avoid
When buying your First Home.
You're tired of renting or it's now time to move out from your parents home, whatever the case may be, here are just a few mistakes to avoid:
Not Budgeting for your first home - A house is more than a home, It's a long term financial investment. Know and understand what is your budget and how much home can I really afford.
What's on my credit report? Do I even know what my credit score is? to find out it's best you get with your mortgage professional or go to your hometown bank or credit union. They will go over your credit and help you get pre-qualified for your loan before you start house hunting.
This is another mistakes to avoid, don't start searching for homes without first knowing where you stand financially. Once you get pre-qualified then it's now time to hire your favorite Realtor. You can begin your search in whichever community or city you're looking to move into. You can also begin your search at the National Association of Realtors and look for a Buyer's Agent.
It's important you get a Realtor that will work for you and has the experience in working with First Time Home Buyers. Remember, your Realtor is the professional and they know the market, the area - What's hot, what's selling.
When considering in buying a home, you should also consider the Home Resale Value. Choose a home that has at least 2 Bathrooms. What's the style of the home and is this home going made for family growth. When it's time for you to sell the home you just bought - Will you get what you paid for it?
Not knowing or understanding all the cost involved once the purchase agreement is signed. There's your closing cost - Will the seller help me with those, do I need a down payment? What about taxes, insurances? Appraisal and Escrow Fees - who pays for that?
What about the inspection, the cost of repairs - will your offer be contingent on repairs and who's paying for those repairs? What about future repairs after you get moved in - It's not like when you're renting - You call the Landlord and they come fix it. Well, after you close and the home is yours - your all moved in. This is all part of the budgeting process, will you have enough for after the fact!
Remember your home is a life-time financial investment.
Talk to your professionals!
Realtors and Mortgage professionals go hand in hand
to make sure you receive the keys at closing.
Comments(2)