Mistakes are a big part of the learning process. We have to make mistakes in order for growth to occur…..but when you are talking about the home buying process, mistakes can be costly. This blog post is written in hopes that you can learn from the mistakes of the buyers that have come before you. These 5 common mistakes could be painful and expensive but if you can plan ahead, avoiding the pitfalls is going to be easy.
1-Spending more than you can afford
In the previous entries this has come up a few times. Home ownership should be a blessing and not a curse. If your house payment is going to be more than you can do comfortably, its going to make your home much less enjoyable. Bonus tip-When you own a home you are responsible for repairs…..leave room in your budget to save for costly repairs.
2-Not having money for inspections
Paying for inspections can be expensive. The home inspector, septic and pest add up to a big investment before we even own the home. But its also expensive to own a home that has major problems. A good inspection will reveal problems with the foundation or septic system and by having them done we can potentially negotiate repairs with the sellers.
3-Not getting pre-approved
Have you been reading any of my post. The lender is the first step in the buying process. Last 2 post have addressed this specifically. You have to know what you can afford before we know what to shop for. Looking at a home is a mistake if you aren’t prepared withe prequalification. The current market is HOT and houses move quick. An offer on a home without a preappoval may not get a second look from a serious buyer.
4-Not having money for closing cost
Closing cost are a necessary part of your total cost of buying a home. We see many buyers who think its an automatic occurance for sellers to offer those closing cost to a buyer. In a competitive market, an offer that includes a request for closing cost will impact a sellers bottom line immediately.
5-Taking on new credit before you close on the new home
When you are getting ready to buy a home, you may find the PERFECT living room furniture. It may be the best fit, but it may also change your debt to income ratio and impact your ability to qualify for the loan. Its best to close the home loan before you decide to take on new debt.
There’s a lot more information coming soon. I’m excited about the next coupe of videos and blog post. If you are ready to move forward, please contact me and let’s get started. If you aren’t even considering making a move, I bet you know someone in your circle that is. I also bet that they could find some value in these post so please pass them along. I’m standing by when you’re ready to get moving. Welcome home!
Inner Banks Real Estate
252 312 2263