Homebuying is an exciting adventure, especially for the first-time homebuyer Just watch for these common mistakes:
Not Obtaining Pre-Approval: Pre-approval from a mortgage company helps the homebuying process along. The last thing you want to do is find the perfect home and then find out you can’t find a company to approve a mortgage.
Buying A Home Above Your Means: Make a budget and stick to it! It’s vital to plan out how much you can afford to put down on a home and how much you can afford to pay monthly for your mortgage. From there, make sure to include the estimated property taxes, utilities, water and other recurring costs.
Not Putting Variants of the Sale in Writing: If you plan to purchase a previously owned home, negotiate with the seller or their agent about what exactly comes with the sale. Once discussed, obtain written confirmation so there are no surprises on move-in day.
Not Scheduling a Home Inspection: A home inspection can make or break the sale of a home. A home inspection will check on aspects of the home such as the electrical, plumbing, heating and cooling system, the roof, foundation and numerous other items. Do yourself a favor and schedule one before the sale is complete.
Not Keeping Emotion in Check: Buying a home is an emotional process, but keeping emotions in check will help you through the process. Don’t get too attached and don’t compromise on home aspects just because it has the fireplace you’ve always dreamed of having; it’s important to be practical. Buy with your head, not with your heart. Sometimes that is easier said than done, but if one isn’t perfect for you there will always be another.
Applying for Credit before the Sale is Final: The period of time between applying for a mortgage and getting the keys to your new home is a critical time. As much as you want to buy new furniture or appliances on credit or take out an auto loan, wait until after closing or you may put your whole deal in jeopardy. It’s okay to have all those things picked out ahead of time; just don’t buy them on credit until after you have the keys in your hand.
Hope this provides a little bit of insight into the process. Good luck and don’t forget to call me. Until next week….
Jill Santandrea, Broker Manager, EXIT Homestead Realty Professionals LLC, 1070 E Chestnut Ave, Vineland, NJ 08360;
856-692-EXIT; Cell: 856-362-0967; Direct: 888-856-5455; TheJillTeam.com; E-mail: [email protected];
Text JillS to 85377 for my mobile business card. Listen to Jill on 99.9FM SNJ Radio Today. Source: 2019 Buffini & Company
