10 Mistakes to Avoid When Buying a House

When you’re at the time in your life where you’re thinking about buying a house for the first time, it’s exciting! There’s something special about owning where you live, making it your own and building lasting memories in it, but there’s also some fear that comes along with that process. Keep yourself from feeling afraid by checking out some mistakes you can avoid when buying a house. You’ll be able to take a deep breath afterward and just enjoy the process.

  1. Forgetting to Watch Your Credit

Your credit score is a big part of the home buying experience. You’re going to have to take out a loan to be able to afford any home you end up choosing, but you’re not going to get it if you have bad credit. To keep your credit score good, avoid any big purchases.

  1. Buying More Than You Need

The occasional house tour is going to cause some house envy to pop up. You’ll get to see the walk-in closets of your dreams, updated kitchens, multi-car garages and maybe even a guest house. Don’t get taken in by the luxury of it all. Only buy what you need so you don’t overspend.

  1. Accepting Your First Mortgage Option

To figure out how much house you can afford to buy, you’ll probably try to use online calculators to figure out how much you can borrow on the assumption you’ll get a loan. Instead, talk with your lender or credit union to discuss the available finance packages you’re guaranteed to get.

  1. Not Asking for an Inspection

Most of the time, a home inspection will be part of the deal your real estate agent will negotiate for you. These inspections are so important for finding out about crucial problems like termites or mold, so make sure to ask for an inspection if nobody offers you one.

  1. Abandoning Your Budget

People work hard to make the perfect budget for buying a house, and a real estate agent is going to press you to push the boundaries of that budget. Stick with it! You know what you need and what you can spend, so be smart and stick to your limits.

  1. Committing to a Forever Home

If you’re trying to buy your first home, the odds are good you won’t live there for your whole life. It doesn’t have to have every house feature you’ve ever wanted, so don’t overspend or feel pressured to commit yourself to a forever home when you’ll probably move again in the future.

  1. Talking About How Much You Love It

You want a real estate agent like the ones you find at Knoxville real estate agents who share a good connection with you since they’re going to lead you through your home buying experience, but you can’t let them know everything you’re thinking. If you talk about how much you love a home, they’ll show you houses with similar features for higher prices to get you to spend more. Instead, keep your thoughts to yourself until you’re ready to commit.

  1. Buying Without Saving

Saving is so important when it comes to buying your first home, even if most of the money you’ll use to purchase it will come from a loan. Set a goal to put 20 percent down to avoid private mortgage insurance. Not accruing more interest than you need is just one of the reasons to love a 20 percent down payment.

  1. Not Negotiating a Cooling-Off Period

Protection clauses are everything when it comes down to the moments just before you sign a deal. There’s usually a three-day cooling-off period to allow potential homeowners to make adjustments to a contract, but don’t be shy about requesting more time. If you get to step away from a contract, you’ll think of more tweaks you want to make before you sign.

  1. Signing Because You’re Tired

It’s hard to picture at first, but you’re going to have to go through many homes before you find the one that’s right for you. You’re going to feel exhausted, but don’t buy a home just because you’re tired of looking. Remember your goal, and don’t give up until you’ve reached it.

Buying a home is a big process, and there’s plenty of room to make mistakes. Now that you’ve read up on some of the most common mistakes, you can diligently house shop.

Disclaimer: This post is sponsored by PSECU, a Pennsylvania-based credit union.

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