5 mistakes to avoid while buying a new home
All your savings are tied to your dream home. So easy it looks, when houses are presented like dream homes on certain networks. Getting lured by Caesarstone bath and quartz-surface kitchen countertops, an about to be homeowner starts thinking of buying her very own home. On her way, well, she forgets to watch 5 mistakes to avoid, while buying a new home.
Raising a new home from the scratch is exciting.
Research imperative
Are you going to live there forever? Potential buyers are keen about its value. If he’s sure that he’s not going to be there in the same locality for more than five years, it’s advised not to buy his dream home. Asset values might depreciate with three years.
On top of property taxes, home insurance and down payments, unexpected repairs would hit your monthly pad heavily. Decided to live in the locality for more than 5 years? Then it’s high time to consider buying a new home.
Sticking to the budget without EQ
Every home owner undergoes the strain. They either compromise on budget or features. Of course, they prefer buying country homes for an immaculate living. However, the moment that “love at first sight” strikes, they stretch a bit on budget.
No dream house comes without emotions. When it becomes a tug-of-war plight, they forget the income factor. What if they’re going to rent out a part of the house without potential income? Crossing a little fortune isn’t bad, when rental income is fair.
Before hunting for house, it’s advised to get a mortgage pre-approved.
Be sparing with down payment
At the moment it looks a painless solution. However, thinking on wider scale, it’s good not to be sparing with down payment. Shorter it gets, longer gets the monthly mortgage payments. Not to mention the higher mortgage interest.
A scenario is up after 5 years:
The homeowner wants to sell the house, which he has bought with smaller amount of down payment. This is when he ends up with “awful equity” because he is paying higher mortgage principal.
Inspecting the home
Poor plumbing, burst of pipes and kitchen leaks! Before jumping to “I found my dream home!” shrills, it’s really important to inspect nook and corner of the home.
(Pictures courtesy: WWW)
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5 mistakes to avoid while buying a new home
All your savings are tied to your dream home. So easy it looks, when houses are presented like dream homes on certain networks. Getting lured by Caesarstone bath and quartz-surface kitchen countertops, an about to be homeowner starts thinking of buyi