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Buying A House For The First Time? Avoid These 4 Common Mistakes

If you want to strike out on your own or if you’re looking to provide a better place for your family, you’re probably considering buying a new house. This could be one of the most exciting moments of your life; but it can also be quite stressful. There are so many things to take into careful consideration. For one, you have to plan your budget. You also need to find a place that’s near community facilities. Of course, you want to buy a place that’s close to your workplace or a grocery store. If you have kids, you also need to consider if the neighborhood is nice and if schools, parks, or libraries are nearby.

new home

License: Creative Commons image source

Because you are too focused on practical matters while house hunting, you might miss some important considerations while looking at new homes. Below are some common mistakes that you should avoid.

Not sticking to your budget

A nice house can be quite a temptation, and you could be persuaded to purchase a home that is beyond your means because, maybe, it has a bigger yard where your kids can freely play or because it has a modern HVAC system. Still, even though you are enticed by certain features, you must try to avoid going over your budget. Remember that once you buy a house, mortgage payments aren’t your only monthly expenditure. You also have to consider other costs, such as power and water costs, cable and internet bills, and many other common expenses. Then, there’s also your auto loan, credit card payments, tuition fees (if you have children), and others.

Forgetting other possible expenses related to buying a house

There are many other costs that you have to pay if you’re going to purchase a house and lot. A few examples are – appraisal fee, property taxes, and loan application fee. Consider these costs. You can also consult a professional real estate broker who can provide you with an estimate so that you’ll be able to make a better financial plan.

Omitting the home inspection

Some would-be buyers forgo the home inspection because they do not want the added cost. But you cannot completely trust a seller’s statements as regards the condition of the property that you’re planning to buy. Moreover, not all sellers are aware of the current problems that their homes have. For instance, they might be unaware of a termite or rodent problem. By having a professional home inspector assess the house, you’ll find out if there are present problems, such as – pest infestations, roof leaks or damaged roofs, plumbing and ventilation problems, and others. Even Hayden Homes, as well as other expert builders, realize the importance of a thorough inspection as they reveal that the first step to home ownership is getting educated about what you’re getting into.

Failing to check your credit score

Today, the practice is to apply for mortgage if you’re going to buy a home. Before doing so, you need to assess how good your credit is as this will help you to determine if you are financially capable of paying for a piece of property. But you have to check your credit score first because those who have good scores are often offered lower interest rates. If you pay less because of the discount given, then you can save more too.

Guest Author
Claire Flint is a homeowner who also works as a freelance blogger. Her articles usually focus on home improvement, interior design and DIY projects.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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