The home buying process isn’t an easy one. From the time you decide you’re ready to become a homeowner until the day you move in, there is a lot to do in between!
As you can imagine, with so much to do, sometimes mistakes are made and things are overlooked. Not measuring the doorways for your furniture might not be a big deal, but neglecting to do any of the following could make buying your first house and moving in a lot more challenging.
Buying a Home Without Knowing if You Can Afford It
The number one mistake first time home buyers tend to make is forgetting to determine how much house they can afford. It is very common for people to simply determine if they can afford the monthly mortgage. There are other expenses involved in owning a home and if you don’t properly budget for them, you could end up with a lot of debt and could potentially lose your house. Start by getting a clear understanding of the true cost of homeownership and compare it to your income to see what you can afford.
Not Shopping Around for Mortgages
When you’re ready to start looking for homes getting, a pre-approval from mortgage companies is a must. Often anxious to get the process started, first time home buyers end up jumping at the first approval they receive. You could be wasting a lot of money by not shopping around. There are a lot of programs out there you can take advantage of with low-interest rates, down payments, and fees. Get at least three quotes before accepting one.
Choosing a Home Solely Based on Appeal
You desperately want to find a place to call your own. As you’re viewing properties, it can be easy to get caught up in the aesthetic appeal, but there’s more to a home than that. You’re not only purchasing a property but will be assuming a life in this town. How are the schools? What is the crime rate like? How is the neighborhood? Is there a lot of public transportation? What about employment? These are all factors to consider before deciding on a house.
Not Protecting Your Asset
Once you’ve gone through the closing process and receive the keys to your home, this property is now your asset. As it is a large investment, it is imperative that you protect it from the very beginning. Many first time home buyers put off the need for home security systems. When moving things into a new place, it can attract the attention of criminals. A security system would deter them from breaking in.
Moving During Peak Times
You’ve already shelled out thousands of dollars to purchase the house, so why spend more than you have to on the move? Believe it or not, lots of first time home buyers waste money during the moving process. For starters, they schedule their move during peak times (the top or middle of the month, weekends, and in the summer). To save money, schedule your move during the week or during a slower season like the fall or winter.
Not Conducting an Inspection
Before signing on the dotted line, home buyers should make sure they have done a thorough inspection of the property. Once you sign, the house and all of its problems become yours to resolve. You should conduct your own inspection as well as hire a home inspector to survey the home for problems. You could have these issues resolved by the current property owner before deciding to buy which can save you a lot of money and frustration down the line.
Not Setting Up Services
When moving day comes you don’t want to show up at your house and find that the utilities are not turned on. This is especially true if you move in on the weekend as you’ll have no access to gas, electricity, or water until the next business day. Be sure to plan ahead by having your utility services turned on prior to you arriving at your new place. As this process could take a couple of days, you don’t want to wait until the last minute.
Not Enjoying Their New Home
Yes, the home buying process is an emotional one, but once you’ve found the place you want to reside in, enjoy it. Often first time home buyers are so stressed out that they don’t stop to appreciate what they’ve just invested in.
There are so many things to get done when buying a house. Some are minor while others are major. This is why it is essential for buyers to maintain a checklist so that they don’t forget things that could end up costing them big time in the end. Hopefully, this has given you a few essential things to add to your list to make the process easier from start to finish.