As real estate continues to boom and housing costs continue to soar across the country, it is important to recognize your goals and avoid these common mistakes to have the most success in your future homeownership.
- Shopping before you drop.
While it is exciting to look at houses in your area and figure out your dream home, many people are often disappointed in the long run when they overestimate how much they can afford. They realize their ultimate dream home is too expensive for their budget. To avoid this, figure out finances with a professional and get pre-approved. Being proactive will make the process less emotionally draining and more exciting.
- Being Unaware of the Costs of Homeownership
Having your own home is exciting and it comes at a cost. Before you purchase your home, make sure you consider the monthly costs of oil, gas, cable, property taxes, insurance, water, and other miscellaneous items that you need to factor into your budget. While working with your real estate agent, they are often able to estimate the typical costs for your neighborhood.
- Not Using Home Buyer Programs
People are often unaware or programs that exist to ease the home buying process. Bridge Credit Union offers ConnectHome Savings for its members by contributing up to $1000 in closing costs and financing a mortgage loan through Bridge. Achieve your home ownership goals today with Bridge!
- A Small Down Payment
One of the most common regrets from homeowners is not waiting to buy a home until they had a bigger down payment to contribute. In the long run, you can avoid higher monthly home costs by saving up more in the beginning. Use ConnectHome to start your home savings plan today.
- Skipping the Home Inspection
While the costs of buying a home already come with a hefty price tag, it is understandable to want to avoid the fees of a home inspection. But, while you are already investing into a property, it is important to find any problems that may come with the house to understand what you are spending your money on and necessary maintenance costs.
Sources:
https://www.nerdwallet.com/article/mortgages/first-time-home-buyer-mistakes-that-are-easy-to-avoid
https://www.familyhandyman.com/list/12-common-mistakes-made-when-buying-a-house/
