Buying a house is one of the biggest investments people make at a certain point in their life, but it’s also a highly exciting chapter for growing families. It’s easy to get your mind swept away from the sheer thrill of shopping for potential homes, which likely pushes overzealous home-buyers to take action without giving it careful consideration.
Blind excitement can lead you with buyer’s remorse later in your home-buying experience, resulting in costly consequences that can burn holes in your pocket and turn your dream home into a living nightmare. If you’re in the middle of a home-buying shopping spree, it helps to bring the list of reminders below to help you steer clear of mistakes that lead you to money pits.
3 Mistakes to Avoid When Buying a Home
- Mistake #1: Searching For Homes Before Applying For A Mortgage. Many home-buyers dive into a dog-eat-world market in hopes of finding the gem and snagging it first before any other fence-sitter in the community. There’s nothing wrong with viewing homes, but getting ahead of yourself and failing to apply for a mortgage can backfire in more ways than one. Checking out homes without a pre-approval letter under your name can send the wrong signals to the seller, which means you can lose your chance. With that in mind, it’s best to apply for a mortgage first to ensure that you can move forward with your plans in case you run into a gorgeous home that you end up loving.
- Mistake #2: Failing to Include Additional Home Ownership Costs In Your Budget. The journey to finding your dream home is almost over, but before you earn the keys to your new living space, there are other additional home ownership costs that can hit you where it hurts if you’re not careful. A combination of property taxes, utility costs, maintenance costs, insurance, and other contingencies can add up and push you into debt out of the blue, especially if you bought a house at the top of your budget. With that in mind, be sure to consider other hidden charges that can chip away at your budget to ensure you can meet all the follow-up payments once you settle into your new home. Not to mention, it’s best to purchase houses that are below 15 to 20 percent your pre-approved amount to ensure you have enough for other potential fees in the future.
- Mistake #3: Skipping Professional Home Inspections. Before anything else, hiring a professional inspector to evaluate your home from floor-to-ceiling is a crucial step that cannot be overstated. Overlooking this important stage in the home-buying process can lead you to move into a money pit, especially when there are necessary repairs that affect the integrity of your home.
Home Buying with Desert Springs Mortgage
Everybody strives to settle down in their dream home one day, but having the funds to turn your fantasies into reality can come at a significant cost that many can’t reach.
Applying for loans is often the go-to solution for most, but when every other loan option comes up short, our home buying expert lenders in Arizona can introduce better alternatives that can help you come closer to unlocking the space of your dreams.
Get in touch with us at (623) 432-1309 and see how we can help you have enough financial coverage to buy your first home.