Buying your first home? Avoid these common mistakes that many first-time homebuyers make:
Not Creating a Detailed Budget
Before you start looking at homes, it’s important to have a clear picture of what you can afford and what banks will be willing to lend you. This way, you can concentrate your search in affordable areas and avoid pining after a home that’s out of your price range.
Being Too Picky
Recognize that you may not be able to get everything on your wish list. If a home is in your price range, has the right number of bedrooms and meets other basic qualifications, you may want to overlook the tacky wallpaper or outdated bathroom fixtures.
Getting Just One Rate Quote
Apply to multiple mortgage lenders to get the best possible interest rate and the lowest closing costs.
Making Credit Mistakes
Check your credit reports often. Correct any errors and avoid taking actions (such as financing a new car) that may affect your credit score. Credit issues can cause a sale to fall through at the last minute, and you may not get your deposit back.
Skipping the Home Inspection
A thorough home inspection can uncover unseen issues, such as leaks or structural problems, that could turn your dream home into a money pit. Home inspections can help you make a more informed decision about the home you buy, and provide opportunities to negotiate with the seller for necessary repairs.
If you’re in the Indianapolis area, call Center Grove Real Estate Inspections at (317) 313-5362 or contact us online to book an inspection today!
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