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6 mistakes to avoid when buying a dream home

6 mistakes to avoid when buying a dream home

Owning a house is a major life dream for many people across the world. There is a lot of thrill and joy associated with this purchase. However, buying a home is a complicated and expensive process, and the smallest of errors here could be extremely costly. To prepare better and make the process of buying a house as smooth as possible, here are six mistakes one should completely avoid.

Trying to rush through the process
There’s palpable excitement when it comes to buying a new home, but don’t let this be the reason behind rushing the process. Take adequate time to research the options, gather all the necessary financial documents (such as W-2 forms, pay stubs, tax returns, bank statements, etc.), and move at a comfortable pace. This will provide sufficient time to think about the important aspects and reduce the risk of buyer’s regret.

Failing to check the credit report
Always check the credit report before sending in a mortgage application. Those with a history of credit issues are more likely to be burdened with high-interest rates or even have their applications declined. Make sure to check reports from credit reporting agencies (Equifax, TransUnion, and Experian) and dispute any mistakes seen on them. Try to boost this score as much as possible before applying to find the best rate for the home.

Ignoring the neighborhood
Often, people forget to check the neighborhood for any limitations while looking for a new home. This could lead to discomfort in the future. Depending on one’s familial needs, it is a good idea to check for schools, walkability, distance from home, crime rates, and other features before finalizing a home.

Overlooking maintenance and other costs
The overall cost of the home is not limited to mortgages, but many people tend to overlook this aspect in the process. This results in overshooting one’s budget and ending up with massive bills in the future. To avoid this, factor in any potential costs such as homeowners insurance, property taxes, utility bills, and maintenance (including repairs, renovations, and replacing old appliances). Note that older homes may have higher maintenance costs, as they may require foundational work as well.

Forgetting to check for government-backed loan programs
Often, first-time home buyers forget to check for government-backed assistance for home loans. To lower the overall cost and bag a better deal, potential homeowners must check out government loan programs, such as FHA, VA, or USDA loans, which may offer competitive interest rates, lower requirements for qualifying, and other benefits.

Not working with a budget
Real estate is often lauded as a seller’s market, with a lot of room for bidding wars. This could lead to financial issues in the future, as mortgage and interest rates are constantly increasing. A change of even a single percentage point could change the cost of the home by thousands of dollars. To avoid overspending, potential buyers must always work with a realistic budget. You can also use a home affordability calculator to gain a general estimate of the cost involved and find a home that fits within the budget.

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