By: Robert Warren
Not getting pre-approved for a loan before you start looking at homes.
Getting pre-approved for a loan is the first biggest step when it comes to buying a home. Planning is one of the biggest and most important things you can do when it comes to buying a home. Getting that pre-approval for that loan can help your homebuying plan come into action. It will help you get your estimates and give you more of an idea of what you are getting into.
Getting that pre-approval is not only a good idea but a definite recommendation for your house hunt. It will give sellers the benefit of knowing you are serious about trying to buy a home. This will give you an itemized rundown of your interest rate, monthly payment, and so on. It will make it easier for you to make a decision in the long run.
2. Not having a realistic budget.
When you buy a new home, you definitely want to have a budget in mind. A good way to do this is to set yourself an idea of your debt-to-income ratio. You want to have a good idea of what you will be bringing home versus how much you will be spending monthly on this new home of yours.
Another good thing to think about when buying a home is how much you have saved up already and look at your job situation without an impulsive buy mindset. Remember buying a home is an investment and you want to think about your job security at work and what other expenses you will have outside the home.
Remember when it comes to a home there will be other costs too. This can include homeowners’ insurance, property taxes, and repair bills. Think about the utilities you will be paying. You can do all this! Just come up with a plan from the start.
3. Not hiring a real estate agent.
When you buy a home, you are spending a lot of money. This isn’t an impulse buy but an expense. You want someone who has been doing this for years to help you and real estate can be well worth investing into this process.
Lucky for you too that is what the Harrow Home Team is for. We can take your hand and guide you through this tricky process so it doesn’t have to be so hard and confusing.
4. Not doing your research on the neighborhoods you're interested in.
When you buy a home one thing to really think about is the neighbors surrounding you. It is really good to see the vibe given off by the area and read some into the neighborhood. If you have kids, for instance, you may not want to be in an area with parties. If you like to party all the time perhaps being in a quiet little area isn`t for you. All things to consider. Do your research.
5. Not negotiating the price of your home.
When you buy a home, you are investing. This cannot be iterated enough. You need to try to negotiate when you buy a home. You can also ask your real estate agent to help with this. You want to be sure you make a smart buy because you will be paying for this for a while.
Just remember by avoiding these mistakes, you can increase your chances of buying a home that you love and that's a good investment. It`s an exciting, thrilling, and scary process but we believe in you!
From our home to yours,
The Harrow Home Team
Check out our other blog "Summer and Real Estate," here: