No matter how much time you spend online researching and educating yourself about a home purchase, it is hard to cover every detail. Here are a few tips for avoiding common mistakes with a first home purchase.
Save as early as you can: Even if you think you are years away from buying your first home, try to start saving for your down payment. It makes a huge difference in your monthly payments, and helps avoid paying Private Mortgage Insurance (PMI).
Be thorough with mortgage shopping: There are countless resources out there that can help you get the best terms for your mortgage. It may seem like a lot of work to shave less than a point off your mortgage rate, but it will save you thousands in the long run.
Consult a skeptic: You are likely to fall in love with a home, and that can make it difficult to take problems seriously. Bring along a skeptical friend or family member who can give you an honest opinion.
Be patient with getting settled: You will be anxious to make your new home your own, but take some time to see how your budget truly shakes out. In other words, hold off on big furniture purchases and remodeling projects.
Make sure you are happy with your neighborhood of choice: The house may be perfect, but do not discount the surroundings. You do not want to end up in the suburbs if you are going to miss walking to your favorite coffee shop, and you do not want to settle for the city if you are looking forward to some peace and quiet.
Explore a Home Buying Guide: The home buying process is complex, and can be an emotional one. To better understand the process and the ins and outs of home buying, check out our “Things To Consider When Buying A Home” guide.
Contact a Real Estate Advisor | REALTOR® from Martin Real Estate Advisors, a United Real Estate Company, at 469-262-5411 to learn more about the process today, or just complete the GET IN TOUCH form on this page and we will get back to you as soon as possible.
We know real estate and the Dallas-Fort Worth real estate market, can help you find your dream home, minimize your stress, and maximize your return-on-investment.