5 first time home buyer mistakes to avoid
Posted on January 16, 2022
There is a lot of learning going on when you are a first time home buyer. You might have a really great realtor that helps you make some right decisions, but it is up to you to make the rest of the decisions. To prevent too much remorse, here are 5 common mistakes to avoid as a first time home buyer.
- Not monitoring your credit score and not correcting errors: Always monitor your score and make sure there are no derogatory marks on it that hurt instead of help your score.
- Emptying your savings: It may be your only option, but its best to avoid draining your entire savings. Remember you will need money to furnish and maintain your new home.
- Shop for a house before you shop for a mortgage: Make sure you get pre-approved first so you have a solid idea of what you can actually afford for a house.
- Making a down payment that is too small: A bigger down payment means smaller monthly payments. You are in control of how much you put down which means you can have a better idea of what your monthly payments might be.
- Miscalculating repair and renovation costs: It’s important to get multiple opinions or quotes on what certain repairs or renovations will cost. Always plan for more than what is estimated as well.