If you are ready to buy your first home or move up to your dream home, do you know what to avoid before you even start to look at properties? Below are some some important lessons from homebuyers who wish they had not made these mistakes:

  1. Don’t make any major purchases – at least not on credit. If even you are pre-approved, do not make any large credit purchases or take out any loans before you close on your new home. For example:
  • Autos, boats or other vehicles
  • Furniture
  • Appliances
  • Electronics
  • Student loans
  • Refinanced property
  • Personal loans

2. Don’t wait to get your approval from your mortgage lender – the more up front work you do before you are ready to sign, the better. This includes making sure your credit is in good shape, with no mistakes or surprises on your credit report.

3. Don’t change jobs – unless you absolutely have to or you are making a major step UP the career ladder. A steady and stable employment history is another important piece to getting approved and getting a good rate on your mortgage.

4. Don’t skip the home inspection or rely on the seller’s inspector. Get an objective third party home inspection (your agent should be able to recommend one) and make sure that any repairs or problems are not on your contract.

6. Don’t buy a home you can’t afford – this sounds simple, but don’t forget to take into account the property taxes, utility bills, HOA expenses, insurance and maintenance. The price of your home is much more than the mortgage payment!

Don’t let your dream turn into a nightmare – get pre-approved, be prepared and avoid these home buying mistakes!

 

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