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7 Mistakes to Avoid When Buying a Home

If you buy the wrong pair of shoes, you can always go back the next day and get another pair that fits right. The same is not true when buying a house. You need to make the right decision the first time as it will likely be years before you have the opportunity to buy a new house again. Consider the following seven mistakes to avoid when buying a home. 

Buying Someone Else’s Problem

If you are looking at a house that is not new, consider the issues that might be present. Are the appliances in need of replacement? Does the roof leak? Is the plumbing and electrical up to code? When you buy a used house you take a risk that a major problem will surface after the purchase is complete. Forbes indicates that buying new eliminates this risk. All of the appliances and the roof will be new. The components of the home will be up to code.  

Buying Too Much House

Think about the size of your family and how much space you really need. Buying a house with significantly more living space than you need means more up-keep for you. This is more space you will be paying to heat and air-condition. Keep costs down by buying a home that fits your needs. 

Buying Too Little House

On the other hand, it is wise to think long-term when purchasing your home. It may just be the two of you right now, but do you plan to have children in the next few years? If so, how many? You may want to choose a home that can accommodate your growing family so you don’t have to move again soon. 

Not Enough Money Left

The bank will approve you for a mortgage that requires a significant amount of your monthly income. You need to also consider what other expenses you will have in the future so you can be sure you can afford your mortgage long-term. Will you be buying a car? What about furniture? Do you want to take vacations? You don’t want to be stuck with a mortgage that doesn’t allow you any flexibility. Also, keep in mind that eventually your home will require repairs. An appliance will need fixing, for example. Consider having a reserve fund to pay for unexpected expenses. According to CNBC, buying a house that is too expensive is a common mistake of first time home buyers. 

Too Much or Too Little Yard

Consider your own personality and interests. Some families love a big back yard so they can have a garden and play games as a family. This requires work to maintain, but they find it worth the effort. Others prefer not to tend a garden or spend a few hours every weekend mowing and pruning. Consider the size of the yard that is right for your family so you don’t regret what you are stuck with.  

Poor Layout

While there are many things about a home you can change, such as putting a new color paint on the walls, layout can not be modified. Therefore, consider the layout of the home before you make the purchase. Do you want all bedrooms on the same level? Do you want to be able to see into the family room from the kitchen? Do you want an attached or separate garage?  

Bad Location

Location is another thing that is impossible to change you buy. Consider if you want to be near stores and schools, or if you don’t mind having a bit of a drive to these places. Do you want to be in a close-knit neighborhood or not see the nearest house? Figure out what is right for you and select a home in that location.  

Buying a new home is a big investment. You want to make the right decision the first time so you don’t have regrets. Keep the above tips in mind to prevent making a mistake. Contact us to learn more.