Having a home is undoubtedly the most rewarding achievement one could ever experience; and it is probably the most expensive purchase one or even a whole family will ever make in their lifetime. It is a huge leap of a responsibility for any would-be homeowner; that’s why making mistakes is a no-no, but unfortunately, not everyone is immune to this and were victims. If you’re about to do the plunge, here are things you should avoid doing, so as to minimize, lest, eliminate mistakes in your whole home-buying adventure:
Avoid making unnecessary purchases
For the meantime, just focus on the house, it’s already a big purchase anyways. If your hands are itching to make purchases for your new home (say, among Marlboro homes for sale for example), most especially for personal purposes, better to postpone it until you’ve been pre-approved for a loan. Take note that any recent financial acquisitions, whether by credit card or any other type of debt, will all reflect on your financial report and evaluation by your chosen lender or bank. Also, it’s better to have cash on hand, as it might, and more often than not will be needed in some aspects of the process, such as a home inspection or some needed repairs in the house.
Avoid just walking through the house
Inspect every area of the property, please. While you may have likened the house even upon your entrance, and perhaps a Marlboro real estate even, it’s no excuse to just lay still and get amazed by its appeal. This is no time to be timid either; ask the seller outright if the property had been inspected by a legitimate home inspector. If they said they did, then ask them to show or provide you with the inspection report. You may double check the areas mentioned in the document. Being a meticulous buyer is understandable and necessary, as you’ll be investing a huge chunk of your savings in that house, and that you’re going to live in it for some time. Also, it’s better to be safe than be sorry and find out what a nightmare of a purchase you’ve just done!
Avoid being overly emotive
Yes, home-buying is such an exciting experience, and one cannot avoid to be emotional sometimes, most specially if a buyer had finally found his ideal or right home. But emotions can strangle a home buyer and prevent him or her from making some sensible decisions. Oftentimes, those who get easily attached to a house could cause them thousands of expenses later on, as they have ignored checking (or inspecting) the house.
Avoid buying a house you can’t pay
That’s simply stated, but other buyers overlook, really! They had set their budgets for their new home, but had gotten out of hand once negotiation sets in. That’s why you need a licensed representative, lest, a real estate agent to assist you in the process. Buy a house you can afford, one in which you can regularly pay up for with your monthly income or other possible assets. Remember, it’s not only the monthly mortgage and interest that you’re going to pay; other costs for a new home include property taxes, home insurance, maintenance, utilities, among others.
Avoid handing out your down payment to the seller
Remember that the earnest money you have acquired, whether through a loan or from your savings, should be put in a trust fund. Some happen to do the opposite – handing it out directly to the seller – whether it was brought about by sheer excitement to have the property at once, or that the seller has no representative himself – such as a real estate agent. Be it said, the earnest money should be kept in a safe place, such as a trust fund, in which you have the confidence that it will not be spent inappropriately.