Things to Avoid When Buying a Home. Home buying is a complicated task. It doesn’t matter whether you’re buying a home for the first time or the 5th time; the sheer amount of steps that it involves will always make it a taxing activity to get through. First-time buyers are especially prone to making mistakes that can cost them time, money, or both in some cases. If you’re looking to make the home buying process as painless as possible, here are some of the classic things that you should not do when you’re buying a home.
Not Knowing What You Can Afford
Deciding on a budget is the critical first step of buying a house. However, you’ll be amazed to know how many people get this one wrong. People often get taken in by the looks and features of a house and look to buy said house without even checking to see whether it’s in their budget. It is essential to know what you can afford.
To make a proper house-buying budget, it is essential to factor in all the monthly expenses, such as loan payments, vehicle expenses, credit card payments, health insurance, groceries, etc. Furthermore, do count the yearly costs such as annual vacations or the insurance premiums that will fall due at the end of the year. Moreover, if you are considering changing professions, do factor in the changes in income that will likely result from it – preferably only the negative changes in income. Match your monthly income and the expenses, whatever you’re left with after subtracting all the costs is what you can afford and not necessarily what the bank tells you.
Not Taking Other Expenses into Account
Additional expenses will naturally befall you as you become a homeowner. You will now be liable to pay property tax, insurance payments – such as those that cover you in the case of natural disasters – and will also have to bear any repair and maintenance costs whenever they arise. Therefore, you must not forget to consider these additional expenses when budgeting and calculating your mortgage payments.
Forgetting to Get It in Writing
Many make the mistake of assuming a lot of things when buying the house. For example, you might think that the kitchen appliances are included in the deal only to later find out that they’re not. Other common points of contention that usually arise due to relying on assumptions or verbal commitments revolve around light fixtures, ceiling fans, window treatments, hot tubs, etc. These can add an unexpected financial outlay to your total costs, so be mindful of getting everything in writing to make sure that you get everything out of the deal that you negotiate.
Skipping the Inspection Phase
The inspection phase is an integral part of the home buying process, and you must not make the mistake of skipping it under any circumstances. The house may look to be in top shape, but there are flaws that a home inspector is more than qualified to detect.
Things such as cracks in the foundation or hidden signs of water damage can substantially cost you later on after you have already purchased the house. Therefore, do not skip the inspection phase, so that any required repairs are adjusted in the price accordingly.
The points mentioned above are some of the most common things that you need to know to avoid or be wary of when buying a house. If you’re looking to buy a home anywhere in Orlando, Florida, you can acquire our dedicated services and avoid all of these mistakes and make the process seamless for yourself.
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