Last week we discussed some common first time home buyer mistakes
. To help you keep your sanity, cash, and to help you proceed through the home buying process as a more educated consumer – we have a few more to add to the list.
Being ruled by the heart and not the head. Although, the decision to purchase a house often begins with your heart – don’t let you heart rule the process. For example, curb appeal can be a powerful force. If your heart is in love with the white picket fence or the expansive yard – make sure you are not overlooking other aspects of the home as a result.
Be objective and look at an assortment of homes. List the positives and the negatives of every home. Can you reduce or eliminate the negatives? Perhaps you could recruit a friend to view the home and give you objective feedback. Think about how long you plan to own the home and if it will be difficult to resell.
Don’t exclude your heart from the process – just be sure your head is in charge.
Buying into an unknown location. Don’t stop your inspection at the property line. Examine the surrounding area. Is it safe, well maintained, relatively quiet? Is is convenient to work, school, and shopping? Ask about zoning and that lovely forest of vacant land across the street. Could the highway be widened in a couple of years? If you are not familiar with the area, a real estate agent is essential. A licensed realtor will be able to help you with your questions and alleviate your concerns before you purchase.
Signing without understanding the financing. Here is where it helps to do a quick study. First-time home owners contend with an assortment of mortgage types and the associated jargon. Pre-purchase counseling can help
families prepare for homeownership. While your licensed mortgage loan officer is more than capable of explaining the process, many families find pre-purchase counseling classes to be extremely beneficial. In the Milwaukee area, Housing Resources, Inc.
offers a number of classes for first time home buyers.