Buying a home is one of the biggest commitments of your life! It’s going to be a major purchase! That’s why I’ve prepared a small list of the most common mistakes you can avoid when buying a house:
- Not respecting or even having a budget.
- Yep…that’s mistake #1 because it is easy to look at thinks you would like to add to your house to make it look better and it may not seem much to add $10k or $15k to have the house you really want to. People tend to look at their top end of their affordable monthly income, and they don’t usually think about what would happen if their income goes down or they change jobs…
- How to Avoid It? Get preapproved for a mortgage. Not only this will prove to your realtor and home sellers you are serious, but will give you an idea about your upper limit.
- Forgetting about added costs.
- Buying a house is not only replacing a rental payment with a mortgage payment. There are also maintenance costs, utilities and property taxes.
- What to do? You can ask the homeowners about their average utility cost and property taxes, also you could get an invoice from the homeowner’s insurance quote and you can budget annual maintenance. Then run the numbers to see if you can afford it! Remember to add the closing costs as well!
- Not getting EVERYTHING in writing.
- It’s easy to assume that the kitchen appliances come with the deal! And things like this blows deals up! Window treatments, Hot tubs, Light fixtures, ceiling fans, among others…
- How to prevent it? Go through your contract IN DEPTH, if the item you expected to be there isn’t, ask about it…and get it added in writing.
- Skipping the inspection.
- Even if the house looks brand new, it’s always better to be 100% sure! An inspector will be there to spot the things you don’t know to look for, like if the chimney is in shape or whether those little cracks in the foundation are something to worry about. If there’s anything you have to or should repair, the inspector will tell you about it.
- Where to look for him? Look for recommendations from your realtor or friends/family in your area.
- Having the “Brand-New” mentality.
- Imagine you just bought a nice house…but you have an old car parked outside and you think “It’s time to buy a new car!”. The same goes for the space you now have for your living room and the rest of your new house…with this mentality you’ll soon be finding yourself in real debt if these are things that you honestly can’t afford.
- How to prevent it? Get to know your new house, see what you really need and then save up for it!
Now…these are some of the most common mistakes, but not all of them, always remember that I’m here to help you getting all the information and paperwork you need when buying a house! Let’s get you a new house, shall we? +1 (714) 315 – 0783