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Avoid these 7 mistakes when buying a dream home

Avoid these 7 mistakes when buying a dream home

For any individual, buying a dream home is a big deal. It is one of the most significant investments that one makes in life. Along with it being an important life decision, buying a new home is also an important financial decision. As a result, one must be careful about every step one takes when buying a home. It is especially important to avoid certain common mistakes that could lead to a financial loss.

Not inspecting the house properly
When searching for a new house, it is easy to get excited when one comes across a property that seems perfect in every sense – like a dream home. But, at this point, it is crucial for the buyer not to get carried away because, despite how incredible a house may look, it could be hiding a lot of issues, such as mold damage, water damage, leaky plumbing, etc. Failing to inspect the house properly for these damages could cost the buyer dearly, as they would have to pay for those repairs from their pockets. To avoid this, it is better to properly inspect the property or hire a professional to do it.

Not taking the locality into consideration
Another crucial factor to consider when purchasing a dream home is its locality. Even if the house is perfect and does not have any flaws, a bad locality could severely impact one’s quality of life and future in that house. So, if a buyer does like a house, it is advisable for them to take a good look at the surroundings and the neighborhood before offering a deal. Buyers must also enquire about the safety of the neighborhood to ensure that they are moving into an area with a low to no crime rate. Apart from that, it is also advisable to consider factors such as proximity to daily commute and how remote the area is.

Failing to obtain a loan pre-approval
Another crucial mistake that all buyers must avoid is not getting a loan or a mortgage pre-approval letter before they start looking for a house. A loan pre-approval means that the bank (or the lender) agrees to give the individual a certain amount of loan to buy a new house. This letter conveys to the home sellers and their agents that the buyer is serious about purchasing the house. In most cases, home sellers do not entertain any offers a buyer makes without a pre-approval letter. So, if a buyer is serious about buying a new house, they should obtain this letter before beginning their search. The pre-approval process may take some time as the lenders will need to evaluate the buyer’s financial information before drafting the letter.

Working with the listing agent
When looking for houses, many individuals make the mistake of working with the listing agent to finalize a deal on a house. This could prove to be a costly mistake. This is because a listing agent is hired by the house sellers, so they are likely to quote a high price with little room for negotiation for the buyers. Instead of giving in to their quoted price, a buyer can hire a buyer’s agent. The job of a buyer’s agent is somewhat opposite to that of the listing agent. They will try to negotiate the price of the house until their client, the buyer, can get it at the lowest possible price.

Not factoring in all the expenses of home ownership
When planning on purchasing a dream home, a lot of individuals also make the mistake of only considering the down payment and the monthly mortgage payments. They often forget to consider the costs of home ownership. These costs can include home insurance and several maintenance costs, such as the costs of repairing old pipes, replacing old roofs, painting, etc. One must also consider utility costs and taxes, such as water tax and property tax, before making any deals. Considering these costs can allow one to prepare financially for all the possible expenses in the future.

Forgetting about government-backed loan programs
If one finds it difficult to obtain home loans at low interest rates, one can always turn to government-backed loan programs. The federal government offers several programs to first-time home buyers that allow them to get quicker loan approvals. These programs also offer financial benefits such as low interest rates and zero down payments. A few of these loan programs that prospective homeowners must look into include FHA loans, VA loans, and USDA loans.

Forgetting about existing debts
Another financial mistake individuals must avoid before buying a house is forgetting about their existing debts. If one is already making monthly payments toward some debts, like student loans, one could find it difficult to afford monthly mortgage payments. Plus, it is important to monitor the credit score if one has any pending debts. Applying for multiple loans or debts could severely impact the credit score. This would make it difficult for the individual to get pre-approval for a loan. It could also result in a poor or subpar credit score, which would attract higher interest rates on one’s home loan.

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