Buying a home is a big step, and it’s easy to feel overwhelmed during the process. It’s important you plan ahead to ensure the transaction goes as smoothly as possible. We’ve put together a list of four common mistakes to avoid when buying your next home.
Not paying attention to your credit score. Many credit reports often contain wrong information or errors that can negatively affect your score. It’s important you keep your eye on your scores and ensure there are no mistakes before you start shopping around for mortgage options. Plus, the better your credit score, the better the rate you’ll get for your loan… in fact, a poor credit score can prevent you from getting your dream home!
Not getting a home inspection
There may be issues with your potential home that the sellers aren’t aware of, or forgot to mention. It’s important to hire a home inspector to come out and give the house a look-over. They will inspect everything from the foundation to the plumbing, the roofing to the electrical wiring, and everything in between. While a qualified home inspector tends to spot most major issues, be sure to keep an eye out for anything you find to be a potential issue and bring it up with them.
Improper budgeting
You’ve accounted for your down payment and figured out what you can pay monthly on your mortgage. But don’t forget to factor in costs such as moving expenses, new furniture and appliances, supplies for home improvement projects, your approximate monthly electric bill, water bill, and waste management bill. You want to be sure that when you add up all of these costs you have enough left over to live comfortably, so be sure you get a mortgage that fits within your budget.
Not signing paperwork
Coming to a verbal agreement with a seller does not guarantee a sale. Before you pop a bottle of campaign to celebrate your new home, be sure you sign all the necessary paperwork. Nothing feels quite like having the home of your dreams ripped away by a higher bidder before you’ve finalized the deal.
Keep these tips in mind when you’re on the market for a new home and you should find the process to go a bit smoother! If you need any help buying or selling a home in the Central Texas area (especially San Marcos, Austin, or San Antonio), be sure to give the Damron Group a call so you can utilize their experience to help ensure you get the home you deserve!
