Home Buying Tips & Tricks:
5 Ways to Avoid Home Buying Stress
5 Ways to Avoid Home Buying Stress
So, you’re thinking about buying a home? Congratulations! Home ownership can be both exhilarating and overwhelming, especially for first-time homebuyers. But with a little research and knowledge, you can avoid costly mistakes and the stress that often comes with the home buying process.
It’s not easy buying a house, and realtors and lenders know that the majority of homebuyers are oblivious to the home buying process. That’s why it’s recommended to know as much as possible about procedures, rules and practices. Not saying you have to be an expert, but having a little knowledge definitely gives you a leg up – and piece of mind – and who doesn’t want that?
Your credit scores determine the interest rate you get from lenders. In turn, that interest rate determines your monthly payment – in other words, your purchasing power. Higher scores qualify you for lower rates – meaning the higher your credit is, the more likely you can buy the home of your dreams.
Realtors earn their living on commissions, and the bigger the sale, the bigger their commission. Many will show you homes over your budget, knowing you’ll fall in love and most likely make an offer. Don’t fall into this trap – establish a fixed budget prior to your home search to ensure you don’t get in over your head.
One of the biggest mistakes homebuyers make is to fall in love with a home that needs a lot of work or even just a few “minor repairs.” Underestimating the cost of repairs could cost you thousands of additional dollars, so keep this in mind when looking for your dream home.
We’ve all seen the home buying shows where a couple has a stringent set of home wishes/requirements, and we’ve all seen their frustration when they realize the homes they are shown don’t have all of these requirements. Don’t wait for the magic unicorn and don’t let “perfect” ruin a potentially great home! Not saying you need to settle, but be realistic and open-minded – you may be surprised!
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