Buying a new home is considered one of the most stressful experiences. If you're in the market, check out these tips to avoid simple but common mistakes.
Make Saving a Priority
There are so many expenses that come with purchasing a new home, it can be easy to forget about your savings. If you don't have emergency savings you could be putting yourself in a bad position come hurricane season or layoffs.
For example, say you have a personal emergency the year after you buy a home. If you put everything you have into the down payment on your new home, that can easily spell trouble. You might find yourself looking for credit products to cover these unexpected costs, but your credit load will already be high due to your recent mortgage. The bottom line is to make sure that you're not emptying your emergency fund in order to buy a home.
Buy Newer Construction
Although many love old school charm, older homes come with problems that often cost a fortune. New construction homes generally require less maintenance, saving you money.
Choosing a completely new or custom built home is the best way to avoid buying a home with a lot of maintenance issues. Check out real estate communities in your area with openings for new homes. If you choose to buy something that's a few years old, make sure to ask why the seller is moving out so soon. Unexpected maintenance or quality issues could be one reason, so get a thorough inspection and trust your gut.
Get Multiple Opinions
It's easy to fall in love with a house and overlook what would later seem to be glaring flaws. Having a good inspection is the first step towards identifying problems, but it also helps to bring trusted friends and family along to get their opinions before you make the big commitment.
Focus on Expenses
When you move into a new home, the first thing you want to do is decorate, however this is unwise. A new home comes with many expenses, some of them unexpected. Make sure that all of your expenses are covered before you start splurging.
All of these tips will help you avoid some of the worst mistakes with buying a new home. But in addition to these, choose a great real estate agent who will be honest with you and help you through the challenging decisions you're faced with as you shop for a new home.Share
27 September 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.