Are you gearing up to buy your first home in the New Year, or sooner? Don’t make some of the most common home-buying mistakes for newbies! As your local real estate team, we are here to fill you in on what mistakes to avoid, so you’re ahead of the crowd when beginning your home-buying process.
Here are some of the most common first-time buyer mistakes to avoid, via Huffington Post:
- Don’t make large purchases before closing on a home. Hopefully you know that you shouldn’t make any large purchases before applying for a mortgage loan, but even once you’re approved, you shouldn’t make any large purchases until you actually close on your new home! This includes a new car, new furniture, appliances, vacations, etc. This even includes the purchase of lots of holiday gifts, which as Trulia pointed out, could derail your home purchase. Wait until after you close on your new home to buy furnishings, appliances and the like.
- Don’t forget to have your finances in shape. You need more than a down payment in order to buy a home in Houston. Before applying for a mortgage, you should check your credit score and credit report, and work on fixing any errors that appear in your report. If you have lots of debt lowering your credit score, you should work on paying it off until your score meets mortgage loan standards. You should have a savings set aside from your down payment, and for other pre-buying expenses. But you also shouldn’t stress about all of this, because standards have eased recently for buyers. It’s all about contacting a mortgage lender and finding out exactly what you need!
- Don’t work without a trusted adviser. Your home-buying process will be much smoother when working with a trusted real estate team! We can help lead you through each step of the home-buying process, answer all of your questions, find homes that match your needs, wants and financial situation, and alert you when new home matches enter the Houston real estate market. We will also represent you during negotiations and the closing, which can be a stressful set of steps if you aren’t familiar with the process. When buying your first home, it’s hard to match the experience and professionalism of working with an agent, no matter how much research you do!
As you can see, by working with a trusted local real estate team, you can avoid making mistakes, and you can save time, save stress, and ultimately, save money! When ready to have your questions answered, or when ready to get going with the home-buying process, contact us! We’d love to help you check this item off your holiday wish list.