First-Time Home Buying Mistakes to Avoid
If you are one of the many first-time home buyers who are ready to jump into the market in 2015, it is important that you consider others’ home buying mistakes to guide your purchase. When you know common mistakes that many people who are in your situation have fallen victim to, you can better plan for prevention. Gathered is a list of the top first-time home buying mistakes to avoid:
- One of the biggest first-time home buying mistakes is failing to realize that your finances will need to cover much more than just your mortgage payments. You will need to consider property taxes, homeowners insurance, umbrella insurance, utility bills, maintenance costs, and homeowners association dues as well.
- While you may be inclined to start your house hunting by looking at houses you may want to move into, it is important that you consider your loan options before you set your heart on any one home. This will help you determine how much you can actually afford on a home, which will make for a more successful real estate experience. Our friends at Vitek Mortgage can help: www.TeamVitek.com
- Many first-time homebuyers make the mistake of forgoing their entire savings account on the down payment. You should keep some money in your savings for rainy days. While forking over the entire 20 percent down payment will allow you to avoid paying mortgage insurance, experienced home buyers say that they would much rather have an emergency fund than avoid paying mortgage insurance.
- If you plan to finance your furniture purchases, wait until after everything has been finalized and you have moved in. Many first-time home buyers will start financing big purchases once the transaction moves into the closing phase, which can be detrimental to your credit status.
- Of course, a professional, experienced realtor is a must. We’re proud to partner with Lyon Real Estate, and you can search for a Lyon agent in your area here: www.GoLyon.com
Serving Sacramento, Davis, and all of California, contact Purves & Associates Insurance Services for all of your homeowner’s insurance needs. We will go above and beyond to provide your brand new home with unmatched security.