The new year brings new goals and dreams, such as buying a home. If you’re new to buying, there are four big mistakes that you’ll definitely want to avoid:
1. Falling in love with the house instead of the block. The equity your home earns is determined by where it’s located. Your home will either rise or fall in value more based on how much the community grows vs. how much you remodel your property.
2. Not knowing the mistakes on your credit report. Almost every credit report has some sort of error. Before you shop for a home, you should definitely take the time to fix those small errors in your credit.
3. Forgetting about closing costs. Everyone knows that you need a down payment of 10% to 20% when you shop for a home, but so many first-time buyers forget that extra 3% to 4% you need for closing costs.
4. Underestimating the power of negotiation. When you’re pre-approved by a lender, this gives you more leverage during negotiations. The difference between being pre-approved and just being pre-qualified is huge, so make sure you understand it and proceed accordingly.
I love working with and helping homebuyers, so if you or anyone you know needs help buying a home in the near future, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.