You’re ready to own your own home. You have enough saved up, a good credit score, and a steady job. You’re basically all set to buy your first home. However, the home buying process can be a lot more confusing and difficult to navigate than you first thought. That makes you liable to commit mistakes. To avoid that, here are a few pointers from Chron on what mistakes you need to avoid as a first-time homebuyer:
Focusing Solely on the Mortgage
Some potential home buyers think the perfect time to buy is when they’re finally ready for the mortgage. They don’t count on the fact that there buying a home comes with a whole lot of costs. From property taxes and insurance, to homeowner’s association fees along with maintenance costs, you’re not just looking to add a mortgage to your monthly bills. So budget wisely and thoroughly. Know what you’re getting into before you make a financial commitment to buy a home.
Shopping for a home instead of a loan first
Most home buyers think it all starts when you shop around for a home. However, experts say that what you need to do first is to get approved for a loan. That way, you’ll know exactly where you stand in terms of what you can afford, of how much you can take on and still be able to keep up with your payments. This gives you a solid ballpark to work with instead of an unknownprice range. Don’t start looking until you know how much you can afford to shell out every month, on top of your expenses.
Not Budgeting for the Future
As you grow older, your financial responsibilities change. So make sure those changes won’t affect your ability to pay for your mortgage. For instance, is marriage in your plans? Will you tie the knot within the next five years? How soon will you have kids? While these things are still years ahead, it pays to be prepared for anything. So if you’ve got plans to get married and raise a family with kids, your financial resources will be stretched as well. So make sure your funds can bear it. Otherwise, you might have to choose between raising kids in a smaller home, or finishing up your mortgage before you raise a family.
Buying a home affects a lot of things in your life, so make sure you’ve got an accurate assessment of your finances and financial options before you start shopping for your dream home. Interested in Houston properties? Call a local organization like Keller William Houston Realty Memorial for help and inquiries.
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