Don’t Rely on Luck: Avoid These Mistakes When Buying a Home
This month we celebrated St Patricks Day. Everyone wants the “luck of the Irish” when looking for a home, but it comes down to much more than luck. It takes a strategy from start to finish if you want to find the right home for you, especially this year with home inventory at 40 year lows. It’s both exciting and a little scary to buy a home. That feeling of nervousness and not knowing what to expect is normal! But, what you don’t want to rely on during this process is luck or chance. You can still wear green and keep that 4-leaf clover in your pocket as a buyer if that makes you feel better. But, as the saying goes, don’t press your luck and make sure you steer clear of these mistakes below:
Not Knowing Your Credit Score & Budget
The first step in your home buying journey should be getting pre-approved for a mortgage. Before going through this process, make sure you know exactly where your credit score stands and how much money you can comfortably afford each month. Without this information up front, it can be tricky to determine which homes are within reach financially and which are out of reach due to budget constraints or credit issues.
Not knowing you could have the wrong mortgage
Don't fall into the trap of choosing the wrong mortgage and end up paying thousands in unnecessary interest. You may be eligible for an FHA mortgage, but beware of the hefty monthly insurance premiums that can inflate your payments. Exciting loan programs are available right now, potentially saving you hundreds monthly!
Consider, for instance, a 5% down loan with no private mortgage insurance. The array of loan options out there cater to various financial situations and homeownership durations. It's essential to research and identify the mortgage that best suits your unique needs - remember, one size certainly does not fit all!
Not Doing Your Research
It’s important to research more than just houses when shopping for one – make sure you research neighborhoods too! Knowing what schools are nearby, what type of amenities are available (public transportation, parks etc.), and even things like crime rates in the area will help guide your decision when narrowing down potential properties. Make sure you take into account all of these factors before deciding on any particular house because it could have an effect on resale value or even desirability down the line.
Not knowing about first time home buyer programs:
Did you know there are amazing first-time homebuyer programs available through state and local agencies? Don't let your golden opportunity slip away! Unlock fantastic benefits, including down payment assistance grants, zero-interest loans, and even property tax exemptions (subject to income eligibility). Let me guide you through these programs and help you discover if you qualify for these incredible savings!
Not Working With A Professional Realtor
Real estate agents have access to resources that most buyers don’t have access too – such as multiple listing services (MLS) databases with detailed information about homes on the market. Additionally, agents can also provide valuable insight about neighborhoods that may not be readily apparent online or through other sources such as specialized reports about local school districts or crime statistics in certain areas. Having someone who knows what they’re doing by your side throughout the entire process can save time and headaches in the long run so be sure not overlook this crucial resource!
Shopping for a new home isn't something to take lightly; there is quite a bit of strategy involved if you want to find just the right place without making common mistakes along the way. Don't rely solely on luck - do your research, get pre-approved for mortgages, work with an experienced realtor and be aware of both budget constraints and neighborhood factors before making any decisions about potential properties! With these tips in mind, hopefully good fortune will come your way during this exciting journey!
As Always: I hope you loved today’s blog. I hope it stretched you, challenged you and grew you in some way. If so, I would stop right now and share this with someone else who may need to read these words. It would also bless me big if you take 30 seconds to leave me a review. Lastly, go sign up for the newsletter where every week brings you insight into creating the home of your dreams to finding balance between family and business. It’s designed as a one stop shop for moms on their journey towards success getting them closer to achieving their goals with God in the center of it all. I pray this blesses you.