Looking to buy a home? The process can be full of mixed emotions. On one hand it is super exciting, and on the other, extremely stressful - especially if you aren't completely prepared and equipped for the process. We're covering some of the most common mistakes so you can avoid them!
Overextending Your Budget
What you qualify for and what you can comfortably afford are two different things. It's important to add up all of your expenses, create a budget, and figure out what you can actually afford to spend on your mortgage before you sit down with a loan officer. Take in to account the possibility of a family emergency, a layoff at work, etc. and make sure that if something were to happen you would still be able to make your mortgage payment. When you plan your home purchase with all of your ducks in a row, the stress of the new payment will be significantly reduced.
Having a Lack of Vision
It's great to have a wish list, and some things you just can't compromise on, but don't rule out a house just because you don't like the light fixtures and counter tops. Cosmetic things can always be changed in the future - your focus needs to be on the things you can't live without like number of bedrooms, neighborhood, commute distance to work or school, etc. If you take your time and fix things up as you can afford it, you will set your house apart from the rest when you are ready to sell. An updated house is always a bonus!
TIP: Never underestimate the power of paint.
Rushing Into a Purchase
It can be tempting to put in an offer on the first home see, especially if you're buying in a competitive market. However, being in a rush may hinder you from finding a home that may actually be a better fit for you. You could also be overlooking some serious issues with the house if you are buying in a state of urgency. Take your time and weigh your options. It would be better to rent for a year until another property you want comes on the market than to jump into something that you regret down the road.
Not Hiring an Agent
Do not underestimate the importance of hiring an agent to help you with the purchase of your new house. Hiring someone ensures that you have someone on YOUR team. They will have your best interest in mind, helping you navigate the process with knowledge and ease!