The problem with a real estate transaction is once you’ve made a mistake, it can forever take a toll on your financial health. This is why, when buying a home, it is crucial to study the rudiments of the process from the major details down to the smallest ones to ensure that you get it right.
2. 3 Home Buying Mistakes to
Stay Away From
The problem with a real estate transaction is
once you’ve made a mistake, it can forever take a
toll on your financial health. This is why, when
buying a home, it is crucial to study the rudi-
ments of the process from the major details down
to the smallest ones to ensure that you get it
right. If you are going to buy a home, make sure
to stay away from these common pitfalls that
many homebuyers have fallen into.
3. Mistake # 1 – Failure to assess
financial status
One of the first things that you need to do
before you make a home purchase is to organize
your finances. Weigh your income and assets
against your liabilities and expenditure for you to
get a clear picture of how much of a monthly
payment you can afford to make. Many home-
buyers do assess their financial status, but some
are not able to go about it correctly. They fail to
consider things like future unexpected expenses,
4. job instability, and so on. When calculating the
amount for mortgage payments, make sure that
you have backup plans in case you lose your job
or there is an emergency that you would need to
spend a large amount of money on.
5. Mistake # 2 – Buying the
wrong house
Buying a house isn’t like shopping for clothes
or shoes. It’s not like you can give back the
house if you change your mind or find out that
it’s not really what you like. If you’re going to
choose a house, think many times before making
the final decision. Don’t consider only the
appearance of the house or buy it because it’s
beautiful. Consider all the aspects involved
including location, price, size, and so on. Loca-
tion should not only be quiet and peaceful, but
6. should also provide vast employment opportuni-
ties, access to prestigious educational institu-
tions, and high quality of life. In the United
States, Colorado is one of the best options for
raising a family. Get to know more about Fort
Collins real estate and Colorado real estate and
find out why these places are top options for
many buyers. As for the size, of course, it should
be big enough for the whole family’s comfort.
Price should also fit your budget. Apart from all
these, you need to have a good feeling about the
house.
7. Mistake # 3 – Thinking that long-term loan
is better
Many homebuyers make the mistake of think-
ing that the longer the duration of the loan is, the
more money they can save. The opposite is true.
What makes people think that way is the low
monthly payment that comes with longer-term
loans. But the truth is, interest rates make the
longer-term loan more expensive. If you can
afford to make bigger payments every month
without sacrificing the quality of your life, then
go for that. It would save you more money in the
9. Discover the Secrets to
Owning a Home
Everyone dreams of owning a home. Unfor-
tunately, not everyone gets the chance to do that.
The thing is, owning a home isn’t something that
happens automatically. Unless, you are born to a
wealthy family, having your own home would
have to mean years of blood and sweat. If you’re
one of those people who would need to work
hard for a living, here are some secrets on how to
make this dream a reality.
10. Save for the monthly payment
First, estimate the amount that you’ll need to
pay for the home’s cost (including the mortgage
payment, property taxes, insurance and mainte-
nance). Every month, save up this amount and
put it in a money-market account. This is ideal if
you are planning to buy a house within a few
years. If you don’t plan to buy a home for a
longer time, you can put the money in equity
funds. This will enable you to know if you can
afford the house while at the same time, building
11. a down payment. Speaking of down payment, it
would be a great idea to come up with at least 20
percent. This will lower down the monthly
payment as well as the overall cost of the house.
12. Go for rent-to-own system
Some housing programs allow you to
undergo a rent-to-own system. This is like paying
monthly rental for a home that you’re going to
use and in a few years’ time, the property will
become yours. Sounds too good to be true? It
is true. It actually has some drawbacks, including
additional costs and more expensive overall
house price. But, the fact that you’re not
stressing yourself over home mortgage makes the
idea good enough to consider. Also, it would feel
13. like renting without feeling like you’re throwing
your money away because, unlike renting, this
one would be yours in the future. Just make sure
that you study the rudiments of the process
before going about it.
14. Look for an affordable house
Sometimes, the reason why people cannot
buy a home is that they don’t look hard enough
to find a home that they can actually afford.
Some people, on the other hand, just wouldn’t
settle for less. For them, if it’s not going to be a
mansion, they’d rather not buy the property. But
if you lower your expectations and scour the
market, you can actually find a house that is
priced within your means. Online, you can find
various home finder tools that will let you
15. browse through the current available houses for
sale in the market today. You’ll be surprised to
find that, by just tightening your belt a little, you
can indeed make a move to purchase one of
these. Colorado real estate such as Fort Collins
real estate are some of the locations you can
start with. As you know, Colorado is a top state
in the country, being progressive and educated.
It’s one of the best places to raise a family that
wouldn’t cause you to bust your entire life’s
savings.
16. Want to own a home in Colorado?
For more information about
Fort Collins real estate
and
Colorado real estate,
estate,
please check out
www.automatedhomefinder.com
