Spending money on buying your new home is worthy investment. You shouldn’t have to pay more than you should, though. So know what mistakes can be adding extra to your bill. Take a look at some examples from the CNBC.
#1: Overestimating your buying power
Know how much you can afford. List down all your monthly bills and expenses and deduct that with your income. What you end up with is the amount you can afford to pay for a mortgage. If you still have enough, then add the rest of your other future expenses: repairs, remodels, homeowners association dues, etc. Now can you handle all those bills? And before you forget, don’t leave out insurance and taxes from the mix as well.
#2: Getting emotionally attached
You’re going to look at a lot of homes that the realtor thinks will appeal to your taste and wallet. So don’t be surprised if you get taken in by some of the homes you see. However, buying a home because you fell in love with it at first sight is great, if it’s within your ballpark. If it’s not, don’t overspend.
#3: Overspending
It’s easy to think that overspending on your dream house by a few hundred dollars isn’t a big thing. But every penny counts, especially when you consider other costs as well: moving charges and closing fees along with lawyer and real estate bills. It’s really not worth it to live your life in debt simply to own a good home. If you’ve really set your heart there, though, you could wait it out and save up for another year so you’ve got more for your house funds or down payment. While that means you’ll have to wait a little bit longer too, it could be the best way for you since you can shop for homes you want and won’t have to degrade to a lesser property simply because that’s all you can afford.
#4: Not looking to the future
Consider the home’s resale value. Factors like a good location and proximity to transportation hubs and schools are but two factors that improve your home’s value. So if you’re buying property now, make sure you’ve got these factors covered. Anything that adds to your home’s value doesn’t hurt.
For people who want to buy homes in Houston, companies like the Keller William Houston Realty Memorial offer invaluable assistance and support throughout the home buying process.
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