So many articles written in this blog are focused on buying a home, so I felt like mixing things up and writing an article about keeping a home. Everyone makes mistakes, the way to prevent disaster is to make sure those mistakes are small and of little consequence. To avoid these mistakes there are a few things you should do and more importantly a few things you should not do. Buying a home is the biggest investment the average person makes, so homebuyers should make sure it’s not also the biggest financial mistake made.
Choosing a good real estate agent is a vital step in protecting you form major mistakes. Not all realtors are created equal, so you should be prepared to ask the realtor hard questions to determine if they are truly good at their job. Getting a bad realtor can result in a litany of bad advice that eventually leads to getting a home you can’t afford or worse – you don’t want.
Never to zero when paying off the closing costs of a home purchase. If you have to take everything out of your savings to pay for a home, you become vulnerable to financial disaster. Always have extra money for unexpected costs like job loss or sudden increase in expenses. Finally, never buy the most expensive home you’re qualified to buy. We know it’s the nicest you’ve seen but that doesn’t mean you’ll be happy in the home. Purchase a home that is well within your financial picture and lets you have a little extra after paying your mortgage to save or reinvest.
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