Nobody has to tell you that buying your first house is a big deal. Moving up to a home that is exclusively yours to decorate, renovate, and grow into is a dream for a lot of people.
Keep that dream from turning into a nightmare with our essential list of home buying mistakes to avoid!
- Know what you can afford! Rent does not equal mortgage. So much more goes into owning a home: you’ll have taxes and insurance to worry about, on top of that monthly mortgage. It’s a sobering moment when a new homeowner realizes there is no landlord to call when the pipes break or the oven stops working, so home repairs are also a factor.
- Get pre-approved first! The fun part about buying a house is in the shopping, but you don’t know what you can really afford until you get pre-approved. You risk falling in love with a property that is unattainable to you, and if you skip this crucial step in the buying process, you could lose out on a house you can afford because the buyers want to move fast.
- Falling in love can make you fall hard, and not in a good way. If you fall in love with one perfect dream house, you might be blinded to all the things that make it not-so-perfect. Do yourself a favor and make a list (it can be long or short) of all the things you want in the perfect house. How many bedrooms? How many bathrooms? Big kitchen? Small yard? Two car garage? Decide which things are wants and which things are needs. If you skip this step, you may end up with your dream house that needs one more bedroom, one more bathroom, and more closet space and isn’t really a dream after all.
- Painesville Credit Union CEO Lori Guzzi has her own advice for new homeowners. “When you find a house you love, take someone else with you to be another set of eyes. Bring along a person who knows you and your lifestyle and may see things you don’t!”
- Skipping the inspection is a huge homeowner mistake. To the average person, a house may look perfectly fine, but there might be things going on (or going wrong) that a professional will see and call out for you. Mold, insects, water damage, fire damage, foundation issues, roof issues, and even the condition of the appliances, septic, and furnace are critically assessed in an inspection. Skipping the inspection may lead to big, unexpected repair and replacement bills down the road.
- Schools, schools, schools. Neighborhoods and home values are made or broken by the quality of the school district. Even if you aren’t planning to raise a family in your new home, double check the state report card of the district you are buying into. Choosing a good district will help boost the resale value of the house if you ever wish to sell.
Ready for pre-approval? Call us at Painesville Credit Union at 440-352-8974 and can help make your dream house come true!