For many of us, our home is the single largest asset we will ever purchase. Yet people routinely spend less time researching and searching for a home purchase than they do when deciding which car to buy. But you must remember that a house is more than your home, in all likelihood it?s your greatest long-term investment. There are plenty of instances throughout the buying process when you can make mistakes; mistakes that mean the difference between financial stability and a life of debt. Below are four places where you can avoid a critical misstep in the home buying process:
Not Understanding How Much You Can Afford
Most of us will need to borrow money to buy a house and that means we?ll make monthly mortgage payments. A lot of people assume they know how much they can afford, but you really need to get preapproved for a loan to have a strong sense. Preapprovals are great, but if we learned anything from the subprime mortgage crisis, we learned that just because a bank says you can afford it, it doesn?t mean you?re comfortable paying that amount. For this reason it is critical that you thoroughly review your budget to identify your comfort zone with monthly payments for the next 15 or 30 years. If you don?t figure out how much house you can comfortably afford, you could easily find yourself attached to an impossible dream.
Not Budgeting For Additional Expenses
In addition to monthly mortgage payments homeowners are responsible for much more. Part of owning a home is paying annual property taxes, annual homeowner?s insurance premiums, and the cost of any repairs or upgrades the house needs. When compared to your days as a renter, you will also notice an increase in utility costs. And depending on where you live there may be monthly (or yearly) maintenance costs paid to a homeowner?s association.
Not Thinking About Resale Value
Always buy with selling in mind. When you?re looking to buy a home, chances are that the selling process is the farthest thing from your mind. That?s because most times when we buy a house our intention is to stay there. But don?t forget that this house is a long-term investment and life is full of unexpected things: illness, loss of a job or a job transfer, and divorce to name a few. All of these things can create financial hardships which affect your ability to pay your mortgage payments. So as you?re looking to buy a home, remember to think about the ease in which you can resell it in the future.
Skipping a Home Inspection
Have you ever watched the movie ?The Money Pit?? Nobody wants to get stuck with paying for a lot of unexpected repairs. The best thing to do is keep your emotions out of the deal until you?ve hired a professional inspector to verify the house's physical condition. Sellers won?t tell you about poorly insulated walls, but an inspector will.
The home buying process isn't without its share of possible pitfalls. But if you can spot the danger zones, you can avoid making costly mistakes that will jeopardize your financial future.
Source: http://www.realestateforum.com/blogs/monte-mohr/9317-4-rookie-mistakes-avoid-when-buying-home.html
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