There are lots of things that can go wrong when looking for and buying your first new home. However, there are some mistakes that can be avoided if you are asking the right questions and using a REALTOR.
I wish I didn't borrow the full amount that the bank was willing to lend me. Just because the bank was willing to give you a larger amount doesn't necessarily mean that you should use it all. A rule of thumb take about 20% less so that you can safeguard your family's future.
I wish I didn't take that extra-low short term ARM (adjustable rate mortage). If able, never take creative financing and adjustable rate mortgages. These can change your monthly payments and leave you short on cash. Always choose the steady, constant monthly mortgage payment.
I wish I hadn't used all my cash to buy the house. Cash for buying a home will add up to more than just the down payment. You will also have the closing costs to tack on at the end along with future costs for maintaining the home like property taxes, insurance, repairs, etc. Don't drain your account just to "get the perfect house". Be realistic in your TOTAL cost of buying and owning a home.
I wish I didn't waste my time on short sales and foreclosures. Just because it sounds like a good deal and cheap, doesn't mean it will be better in the long run. These properties can come "as is" with no guarantee and can often hide hidden costs and time of getting the property out of foreclosure.
I wish I had realized some of the problems that can come with condos and homes in an HOA. Sometimes changes in costs can happen in communities such as condos and communities with HOA's. Are there improvements that will be done or renovations that will change the community and require an increase in HOA fees? Always check with the HOA about future plans of the community and get it in writing.
I wish I had talked to the neighbors before I bought the house. It is always a good idea to talk with the neighbors prior to purchasing your home. After your purchase, it's going to be too late to know that there is a dog that is always barking 24/7 or the neighbors behind you like to party until 4:30am on weekdays. A home is a HUGE investment. Be sure to know before you owe!
Author:Kristine Edens Phone: 940-597-7503 Dated: October 26th 2015 Views: 1,337 About Kristine: Buying and selling real estate is probably the largest expense anyone will make in their lifetime. I...
JP And Associates REALTORS (JPAR) is one of the top 100 independently owned brokerages in the US. A full service real estate brokerage firm specializing in real estate sales and marketing services with multiple offices across the US and expanding quickly. JPAR is also one of Real Trends top 500 Brokerages in the US for volume and sales and in the top 1% in the US for sales.
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