Buying a Home? Avoid These Mistakes

To successfully buy a home in today’s market, you have to do things the right way. But unfortunately, many buyers are making mistakes during the process, and those mistakes can lead to serious consequences.

So what, exactly, are the mistakes you’ll want to avoid when buying a home in today’s market?

A recent article from realtor.com outlined common mistakes current buyers are making, including:

• Only thinking about the mortgage payment. When you buy a home, your mortgage payment is a major expense. But it’s not the only expense. If you don’t consider other expenses, like insurance, taxes, and home maintenance, you could find yourself shopping for homes that are ultimately out of your price range. Before you start looking for a new home, create a budget that accounts for all your monthly expenses, and then tailor your search accordingly.
• Neglecting to check their credit score. Your credit score plays a huge role in your ability to not only get a mortgage, but to get the most competitive rate on your loan. But some buyers aren’t checking their credit score before they start looking, which is a serious mistake. Reviewing your credit report before buying a home is a must; not only will it give you insights into your current credit score and how you can improve it before you apply for a mortgage — for example, by paying down outstanding credit card debt — but it can also help you spot any mistakes, and get them fixed before you start shopping for a loan.
• Buying a home too fast. In today’s hypercompetitive market, it’s important for buyers to move fast. But there is such a thing as too fast. Buying a home is a huge commitment, and if you’re not sure about a property, you don’t want to rush into things. If you’re on the fence about a home, give yourself some time to think before submitting an offer.