Time and time again, the same mistakes are made by the first time homeowners that were previously made by their friends or family members. Buying a house is already quite a painstakingly hard process, these mistakes on top of all that can make it even more stressful. You can arm yourself with some smart strategies and avoid those mistakes that can be very costly so that you can achieve your dream in the most efficient way possible.
You can do that if you know about the most common mistakes and misconceptions and here are a few examples.
Not Knowing your Finances:
One of the mistakes first-time-buyers make from the get-go is not knowing their financial limitations. There is only so much you can afford or your lender can lend. Not enough pre-planning and not considering every possible expense can make you fall short of your monthly loan installment which can have a severe snowball effect.
Not Getting Multiple Quotes:
Looking for a mortgage is an important job in the house buying process. Interest rates vary from lender to lender and not having multiple loan options can be a serious mistake considering how rates climb every year. Just because it seems like a good deal does not mean it is. Apply with multiple lenders and get different rate quotes and then buy the best suitable one.
Not Making Enough Down Payment:
Making a small down payment when you can do better is seriously damaging. Smaller down payment means you have a bigger mortgage to pay over a longer period of time and that can cost you much more than you momentarily think you save. Calculate your options precisely and work out a percentage that works with you.
Not Having a Professional Inspection:
Buying a previously owned home means that it will need repair sometime in the near future. Some sellers might even try to oversell you the house which in reality may have some problems. Scheduling a home inspection with a professionaly certified Home inspectors in Columbia SC will save you trouble and you can easily estimate repair cost, which gives you an edge in the negotiation.
In the coming years, many millennials will be buying a house for the first time, with the savings of their lifetime. Mistakes like these can cost way too much and no one wants to be part of a bad deal. So if you have completed the proper preparation and research you will definitely be able to successfully purchase your dream house at the best possible deal.
Get a peace of mind and protect your investment with a professional home inspection. S&J Home Inspections LLC is first-time home buyer friendly and proud member of the International Association of Certified Home Inspectors. Give us a call to schedule your home inspection (803) 261-4768.