If you are looking to buy your first home soon and want to avoid the pitfalls that come along with it, then this article is for you!
1. Falling in Love with a House
If you fall in love with the house you are looking to buy, it can become deadly to your wallet and your financial well being. The Realtor may see that you really want the house and jack up the price, and unless you are strong willed, you will more than likely fall into the bottomless pit. On another note, make sure that you are the one that wants to buy the house and it is not just your Realtor!
2. Skipping the Home Inspection
The best way to prevent the nightmare of major house repair in the future is to get the house inspected before looking into the buying process ahead. Their may be an tremendous amount of mold that has been dolled up in the house, or a squeaky floor that may fall through after purchase.
3. Consider a Home Resale Value
You will most likely want to move in the future, I assure you of this. If you think that you are paying way more than you can resale it for then you are paying too much. Try to get your Realtor to go down on the price, if they won’t then maybe this is not the house for you.
4. Lack of Money to Cover All of the Costs
There are quite a few costs to cover that you may or may not be aware of, such as the down payment, inspection costs, prepaid interests, earnest money deposit, up front money for homeowner’s insurance, and closing costs. There may be a few listed that you were not aware of, and that is where they get you.
5. Down Payment Being Too Small
When putting a down payment on your home, make sure that you give more than 20%. If you put less than 20% down, you will have private mortgage insurance on the loan, which in return increases your monthly payments.
Now that you have decided to purchase your first home, you need to decide on the right Realtor. I highly recommend the experts at Boraie Development LLC.Contact them today to find your perfect house for the perfect price.