Buying a house can be a long and stressful process. But if you handle it the right way, you can end up with a beautiful home that brings you happiness for years to come. By avoiding some of these mistakes, you can help the process to go smoothly.
Not Getting Your Finances In Order First
A common mistake homebuyers make is not getting their finances in order first. Mortgage lenders will typically ask to look at bank statements going back six months. They will also look at your credit score. It’s important to prove that you’re earning enough each month and not overspending. This involves paying bills on time and not taking out unnecessary loans. If you’re currently overdrawn and paying off large debts with a low credit score, you may want to spend a year getting your finances back to a healthy status first before applying for a mortgage – otherwise you could be rejected. Credit builder loans can help to boost your credit score. In the meantime, try to pay off as many unnecessary loans and overdrafts as you can.
Not Saving Up Enough For All The Costs
A lot of first time homebuyers focus solely on saving up for the down payment. But there are so many other costs to think about including mortgage valuation fees, conveyancer fees and moving fees. You don’t want to leave yourself short and end up losing out on a house because you can’t pay one of these fees. Make sure that you’ve got a few thousand dollars left over for these extra costs.
Not Scheduling A Home Inspection
A home inspection is optional but highly recommended before buying any property. It involves hiring a professional surveyor to inspect the quality of the building to make sure there are no hidden problems. Booking a home inspection could prevent you from taking on a house with big hidden costs such as foundation issues, flooding problems or a roof that’s about to collapse. Therefore you shouldn’t neglect this process.
Not Researching The Neighborhood
It’s important to make sure that you’re moving into a neighborhood where you’re going to be happy. Take a brief tour around to get an idea of the atmosphere. Consider where local amenities are based such as grocery stores and make sure that you don’t have to travel too far to get to them. It could also be worth looking up the crime rate of the area online. If you already know the area, this research may not be necessary.
Not Thinking About Your Future Needs
A lot of people buy a house based on their current needs, but forget to consider their future needs. Providing you want to live in the property for many years to come, you should consider how practical it is likely to be in the future. If you’re moving into a property as a young couple and you’re hoping to have kids, consider whether there are enough bedrooms and whether it’s in a family-friendly area. If retirement is around the corner, consider whether your home will be suitable in your latter years – a property that needs lots of renovation work or has lots of stairs may not always be a good idea.
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All good tips. We just bought a home too and all of these are spot on!
I would also add, if you have the ability to rent in the neighborhood you are wanting to buy and experience living there for at least a couple months. This will help you truly vet out the neighborhood and know if you really want to live there. =)
That’s a great tip! Congratulations on your new home! 🏡 🙂
Thank you!! 💕💕
I’m so glad you mentioned researching the area because that is something I’ve always told myself would be ESSENTIAL before I bought a house. I don’t want to be one of those people who finds out too late that their drive to work that looked like 5 minutes is actually going to be 30 because of traffic.
Good point!