4 First Time Home Buyer Mistakes to Avoid
If this is the first time buying a home in Albuquerque, no doubt you already feel the pressure of making wise decisions. This, after all, is one of the most important financial decisions you've made so far in your life. But don't worry, many people have bought a home before you ever thought about it, so we have a good idea of what to do and not to do. Let's take a look at some of the mistakes that first time home buyers have made and what we can learn from them.
Not Preparing Their Finances
Being financially ready to buy a home is really the first step in the process of buying s a home in Albuquerque. This is a step that should take place long before you start looking.
Make sure your credit score is accurate and strong enough to secure a lower interest loan. You also need to have a steady income and save enough for a down payment that will make a dent in the mortgage. You should also try to save money for an emergency fund that will cover unexpected expenses.
Next, you need to choose a good lender ad get preapproved for a lender. Finding a good lender is not always about who has the lowest interest rates. You need to make sure they're the right fit in other areas as well and educate yourself about the mortgage process. The more you know, the better chance you'll have of making wise decisions regarding your mortgage.
Getting Carried Away With Emotions
Have you ever played poker? Then no doubt you're familiar with the term "poker face." It means that you keep your emotions in check and don't give away your hand to the other players.
Buying a home is not so different. You need to keep your emotions at bay so that you can keep a clear head during the process. remember that this is a business transaction.
You especially want to keep that poker face during a bidding war. You may let your love of the home you want to buy in Albuquerque get the better of you, and then you're making bad decisions that you'll regret later.
Not Account for the Full Cost of Owning a Home
Remember that the purchase price of the home is just part of the total cost of owning a home in Albuquerque. Closing costs can be an unexpected surprise for first time buyers. Make sure that you discuss all the costs with an experienced agent like Sandi Pressley and her team. They can help you get a full perspective of all the costs you can expect when buying a home so that you're not caught off guard at the end of the process.
Not Looking "Under the Hood"
Like buying a car, a home can look pretty on the outside, but behind the walls there may be issues. Home sellers will make their home look as desirable as possible to win over sellers. And that's fine. But did they take care of hidden problems? This is why having a home inspected that you're serious about buying is such an important step. The money you spend on a good home inspector will save you a lot of pain and money later.
Make sure to join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Contact us today to help you buy or sell your next home in Albuquerque.
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