6 Commonly Made Mistakes by First Time Home Buyers. Read This Now and Don’t Let It Happen to You
If you're in the market for a new home, it's important to be aware of the 6 commonly made mistakes. Many first time home buyers often make these mistakes. These can be costly and lead to buyers remorse. No body wants buyers remorse or have to pay for a mistake. Read this, so it doesn't happen to you!
Not Getting Pre-Approved For a Mortgage: Many first time home buyer start their home search before being pre-approved. Getting pre-approved is one of the first steps and allows you to know your affordability.
Not Sticking To Your Budget: Mortgage lenders and banks will approved you base on your pre-taxable income. Often this can lead to being pre-approved for a higher payment then you prefer. Make sure you know your preferred maximum comfortable payment and stick to it.
Not Homesteading Your Property: After you closed on your new home, the title company will get you a homestead paper. Important to take this paper to your city within 90 days, so you don't over pay on your property taxes.
Make it stand out
Not Considering The Total Cost of Ownership: Understanding there will be other maintenance and repairs costs associated with owning a home. Make sure you budget for maintenance and repairs. You can also purchase a home warranty.
Rushing The Decision: Buying a home is a financial commitment. Understanding this, is important and you should not rush. Take you time and choose the best home that meets your needs.
Not Considering The Future: You want to consider your future needs and goals. You don't to out grow your home too fast.
By being aware of these common mistakes, you can make a more informed decision when buying a house and avoid any potential pitfalls. If you have any questions or need assistance in your home buying journey, please feel free to reach out to me. We at Mortgage One, always take the time to educate our clients and help them get the best deal on their home purchase.
Tim Tomkowiak
“I am a license loan officer. And I help ordinary people build equity and wealth through home ownership”
