Now that you already have an idea about the factors that you need to consider when buying a home, let us take a look at the top ten home buying mistakes to avoid, so as not to regret your decision in the future:
1. Not getting the professional help that you might need during the home buying process.
If you are a home buyer and you are dealing with a real estate agent, remember that he or she is working for the sake of the seller and not you as a buyer. Sure, you need to get professional help if this is something that during the home buying process, but be careful with who you are dealing with – and make sure that the person assisting you is working towards your best interest.
2. Not having a price ceiling for the type of home that you can afford.
One of the most common mistakes that first-time homebuyers make is not setting a price ceiling for the type of home that they can afford. Don’t over-extend your finances, no matter how excited you are in the prospect of finally owning a house. Make sure that the monthly mortgage payment is something that will still allow you to live comfortably, and you should be all set.
3. Not putting down enough down payment.
Even if you receive an offer to buy a home with zero downpayment, you have to think twice before grabbing the opportunity. Experts say that a 5 to 20% down on your home is a good enough deal.
4. Not shopping around enough.
Unlike when shopping for goods at a department store, purchasing a home is a major financial decision. Take all the time that you need and make sure to look at all your buying options before making a decision.
5. Missing out on the home inspection process.
Don’t think that there is such a thing as ‘falling love at first sight’ with a house. Sure, you may think that the white picket fences and the exterior of the house is straight out of a fairy tale, but keep your eyes wide open by going through the home inspection process.we buy houses Utah
6. Forgetting to pay a closer look at the location of the home.
“Location, location, location” should be the motto of homebuyers. What’s the sense of purchasing a home which is miles away from the nearest hospital, grocery store or your workplace? At the end of the day, convenience with your home’s location is something that you will also be paying for – so pay close attention to this when buying a house.
7. Skipping on the pre-qualification and pre-approval process.
Again, it’s important not to get over-excited at the prospect of buying a home, especially if it is your first. Don’t skip on the pre-qualification and the pre-approval process, which is something that a real estate agent can assits you with.
8. Failing to learn about the ins and outs of the mortgage process.
Although the best way to purchase a home is with cash, most Americans cannot afford to do so. When taking out a home loan, make sure to understand about the basic process which will take your credit score into consideration, the avenues where you can actually get the loans, as well as the types of loans which are available for you.
9. Failing to consider all the financial aspects of buying a home.
When buying a home, there are additional and hidden costs involved – from maintenance to tax and insurance, or decorating and your dues as a homeowner. Always think about these things before making that final decision on which home to buy.
10. Failing to consider the reselling value of the home.
Finally, remember that the first home that you will buy will most probably not be your last. Due to job placements or other personal reasons, you might need to move out of the house that you bought in the future. As such, it pays to consider the reselling value of your home as well before signing your name on the dotted line