Are you looking for a home for sale in your area? Buying a new house is an exciting time in a person’s life! Every new home for sale that you walk through holds the opportunity to be the house of your dreams. Today you might not know which home you’re going to end up with, but each new home for sale that you tour opens the chances of changing your life forever. Your new home will impact every aspect of your life for years to come, for the better or worse. We hope that your real estate endeavors leave you nothing but great things, and so we put together a list of common mistakes that you should keep in mind while walking through each home for sale that you have to choose from:
Three Common Home Buying Mistakes
- MISTAKE: Buying a home you love in a neighborhood you hate.
There’s a reason that your realtor will tell you the three most important factors while home shopping is location, location, location. The fact is, it’s not just what you want in a your home that you should be choosy about, it’s also where. Even if your new home has hand carved wood floors that are literally to die for, you won’t enjoy it nearly as much as you thought you would if you have to commute 45 minutes in enraging bumper-to-bumper traffic every single day.
While you are shopping for homes, take some time to figure out what parts of town you want to live in, and then be really strict with not letting yourself fall in love with a home that is outside of that range. It’s easy to lose sight of where you want to live when you find a home that has all of the qualities that you’re looking for within your budget, but 30 minutes further east than you had planned. Remember, you can always redo the floors of your home later if you don’t love them, but you can’t transplant your location of your home if you realize you hate it.
TIP: Even if you don’t have any kids, make sure you pay close attention to the school district your perspective homes are zoned for while choosing areas you want to live in. This factor will play a big part in your home’s value and your ability to sell it down the road.
- MISTAKE: Losing sight of your budget while touring homes.
It’s so easy to get swept off of your feet by an incredible home and let the emotions of the home you adore make all the dollar signs fade away. But after you sign the papers and you have to actually hand over all of your hard earned cash every month, it’s a lot less exciting.
Most financial experts recommend purchasing a home that will leave you with a monthly payment of no more than 20% of your monthly income (and so, if you make $5,000 per month, you should purchase a home that gives you a mortgage of less than $1,000 per month). Figure out what you can afford on a mortgage each month, and how much of a total home loan you can take out while staying within that parameter, and then hold yourself to that number.
Tip: While calculating your monthly housing budget, don’t forget to factor in additional costs such as mortgage and homeowner’s insurance, HOA fees, and taxes.
- MISTAKE: Not future-proofing your home purchase.
You’re likely going to live in your home for a long time. The needs you have for your home now might not be the same needs you have in a few years, but you’ll likely still live in your home in a few years, so it’s a good idea to keep them in mind. Take into consideration where you see yourself in five or so years, and factor that into your wish list for your new home. If you could see yourself having kids down the road (even if you aren’t even married currently), buy a home that has some space that could be converted to a nursery if you need it later. Likewise, if your kids are teenagers and you foresee them leaving the nest within a few years, it might not be worth the money to buy a gigantic home today.
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