Buying a home is one of the key parts of life to show that you’ve grown into your adulthood. However, this is something you shouldn’t rush into because it’s a lasting decision. Here are 5 mistakes realtors say about home buyers.
Getting 100% Financing
When you make a significant down payment, you have more leverage. It’ll also help you secure a better mortgage rate, which can save costs down the line.
Purchasing a Home Because of the View
Looking at a set of apple trees across the way? Maybe there’s a pond or something. Well, since you don’t own that scenery, don’t get too hung up on it. The owner of the establishment can easily tear that down immediately.
Doesn’t Get Title Insurance
When you get title insurance, this covers you and your lenders’ front. You never know if there’s a situation where the previous seller didn’t have the full clearance to transfer ownership to you.
Borrowing More Than You Can Afford
You want to make sure that you still have money to pay bills, eat, and a few dollars to save. Be clear to try to take the asking price down at least 15-20%. This helps you save a ton of money.
Not Knowing the Neighborhood
This can be the make or break right here. If you’re younger, you may appreciate a more youthful environment that feels alive. However, the older you get, you may want something quiet to raise your kids. Always know what you’re getting into before reaching a final decision.