When beginning a home search, it is easy to get swept up in the excitement of a new venture. What neighborhood? How will we paint the home? What new furniture will you need? While those things can be important, there are some things that you can miss if you aren’t paying attention. These mistakes can easily become big problems that may cost you more money than you intended.
- Not staying within a budget. Knowing what you can comfortably afford and making sure you stay within those bounds are incredibly important. It is easy to try a stretch your budget to a larger home or a better neighborhood. However, it is easy to go from a little over budget to a lot over budget if you aren’t paying attention. You may end up with a mortgage that takes a bigger bite out of your monthly income than is comfortable.
- Not shopping around lenders and mortgages before you start looking. Knowing who you are working with and what kind of mortgages are available can be helpful when it comes time to make an offer. You may be tempted to go with an nationwide lender who promises a low rate only to have problems with the application process later. You may find a local lender that you click with, but they put you in a mortgage that doesn’t work for you long term. Shopping around can save you both time and money in the long run.
- Skipping the home inspection. Unless you have unlimited funds to cover an problem that may come up after a purchase, it is always a good idea to get a home inspection. Many a buyer has been tempted in a hot housing market to skip the inspection in order to get the home, but that choice can ended up causing many headaches and buckets of cash when things go wrong after closing.
- Creating credit issues during the mortgage process. Any changes can cost you the home of your dream or raise your interest rates. Keep in mind things like changing jobs, buying a vehicle or opening a new credit card can really mess of the application process.
- Not looking at homebuyer assistance programs. Depending on where you are looking homebuyer programs can save you a lot of money. There are first time home buyer programs and down payment assistance programs can make your life easier.
Taking your time to figure these things out before you start the home buying process can save you time, money and headaches.
Happy Buying!
About the Author
Debbie Caldwell
When you first meet Debbie Harris-Caldwell, you are immediately drawn to her charming Welsh accent and the twinkle in her eye. The well-traveled transplant from Wales is quick to set you at ease and time spent with her promises to be time well spent.
Debbie has been a real estate agent for 40 years and takes great pride in her customer service skills. "I make myself available to my customers when they need me, whether it's on a Sunday Evening or after their long day at work. I make my schedule fit theirs. I also keep my customers updated on everything happening with their listings or purchase, I am their conduit for information." She has built a business following her key principles of clear communication, attention to detail, client advocacy, and comprehensive knowledge of the area. Debbie comes to every new transaction with positive energy, determination, a strong understanding of the currents driving the market, and the expertise that comes from a lifetime of experience. She knows the importance of marketing and whether a home is for sale for $200,000 or for $2 million, she always has professional photography done and creates a listing presentation that best shows off her customer's home.