We’re going to review some of the common mistakes that first-time buyers make, and we’re going to show you how they can ruin your opportunity to buy your first home. How to avoid those types of blunders? You'll find out in our HousePro Academy online course, Home Buying 101.
MISTAKE #2: MIS-CALCULATING YOUR BUDGET AND HOUSING COSTS
Another common mistake that buyers make is mis-calculating their new housing costs in their budget. Excited buyers find out that their loan payment will be a certain amount each month, but sometimes forget to add in other expenses such as taxes, insurance, maintenance, and HOA dues. For example, the buyers may think, “with a mortgage payment of $1,400 per month, I can buy a house worth $300,000” but really, in fact that house price is too high for their budget. When they add in the actual amount of their monthly housing costs, they can only really afford a house up to $250,000. Don’t make the mistake of mis-calculating your house budget, by shopping in the correct price range.
Here's other common mistakes that you DON'T want to make:
- Mistake #1: Not checking your credit report
- Mistake #3: Failing to get a home inspection
- Mistake #4: Neglecting to do “due diligence”
- Mistake #5: Buying a car or furniture loan before COE
- Mistake #6: Not understanding the process
- Mistake #7: Trying too hard to get a bargain
Stay tuned for our 7-part series!
Regina P. Brown
Broker / Trainer
California Coast & Country Homes, Inc.
