6 Top Home-Buying Mistakes People Often Make
Buying a house is a big financial investment and is one of the most important purchases of your life. Even though interest rates are at an all-time low, you can still make mistakes in the home buying process. Therefore, follow these simple home-buying tips to avoid those mistakes.
1. Buy for the long-term. Buy if you plan to stay in the home for at least a few years.
2. Consider additional cost, such as utilities, property taxes, and homeowner’s insurance. These items will usually be in addition to your monthly principal and interest.
3. Put down a substantial down payment. Pay as much money down as possible to increase equity and decrease monthly mortgage note.
4. Get a home inspection before closing. A home inspection will uncover many hidden defects in a home.
5. Get it in writing. All agreements, even verbally promises made by owners should be in writing.
6. Use minimum housing allowance. Do not max out your home allowance from the bank. Leave room for unexpected expenses or decrease of income that may occur in the future.
For more information about real estate trends are in the Santa Barbara area, contact Karen Spechler, serving all of your real estate needs.