There are so many articles and advice columns on what you should do when buying a home, but no one talks about the real like things to steer clear from. If you’re caught up in one of these 3 listed below, stop today! It’ll make your home buying process much easier.
Fantasizing of a “dream home”
It’s fun to dream big and make wish lists for your next forever home, but make sure those dreams and wishes are realistic. Many times buyers will see house after house only to shrug a few shoulders and say “It’s just not what I’m looking for”. This is because they have fantasized and built their dream home and have a hard time considering a property that measures up under perfect. Start by creating a “needs” vs. “wants” list and then prioritize each column. Take it with you when you view properties and cross items off the list as they fit. This will help you better determine whether the home you’re viewing is a contender for you.
Not saving for closing costs
Buying a home could be the biggest purchase you ever make, so you already know you need to save up for the down payment. However, many people forget or simply don’t know what to expect when it comes to closing costs. As the buyer, you need to be prepared to pay most of the closing costs. While your real estate agent can help negotiate, a good rule of thumb is to have saved 2%-7% of the purchase price for closing costs.
Making big purchases prior to closing
When you finally close on a home, your lender is going to run another credit check. Do not make any big purchases before closing on your home! Big ticket items such as a new vehicle or vacation could negatively impact your credit score and make closing on your home much harder than it needs to be.
If you’re wondering about what other things to steer clear of during your home search, give me a call! I’d love to help in any way I can.