It is common for first-time homebuyers to think that whatever mistakes they might make in the process of buying a home they can correct within a short time. The truth is, some of these mistakes might take much longer than you expect to correct, and some might not be reversible at all.
To avoid such a predicament, be aware of these common mistakes that first-time home buyers make.
Not Getting Advice from a Professional
Your adviser can be your real estate agent or a real estate attorney. Most homebuyers who forgo seeing an adviser probably believe they don’t need to. It’s a mistake to think you already know all the answers after doing a little online research. There are also those who are concerned about how others might view their decision to ask an expert. Some others don’t think they can trust an adviser, and there are also those who don’t think this is important enough. A trusted adviser can help you through the home buying process and help you avoid making decisions you might regret in the end, so a good adviser is worth the money.
Underestimating the Cost of Ownership
The cost of buying a house is different from the cost of owning one. Ownership means you also must deal with maintenance, insurance, taxes, utilities, furnishing, protecting it from the weather, etc. Some new home buyers save up for the down payment but seeing that they can afford the monthly payments thereafter, decide to splurge on something else, like a new car. This can seriously affect your ability to pay for your home and still stay above water. Additionally, if you qualify to buy a house, then decide to buy a new car or something as expensive on credit, you might lose your qualification for the home loan.
Not Getting Pre-Approved for a Home Loan
Before going out to shop for a new house, remember to get pre-approved for your mortgage in Lake Oswego. Getting pre-approved makes it easier to decide which house you can afford, and which will only lead to disappointment. Don’t waste your time or the seller’s time. Get pre-approved. Another benefit is finding out whether you should adjust your lifestyle to qualify for a loan.
Buying a house should not lead to more stress than happiness. Follow this advice and you’ll see how much more fun home buying can be.