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Declining home values can be a boon for potential homebuyers. However, buying a home could be a daunting task, especially for the uninitiated. Here are some common pitfalls to avoid while making your first home purchase.
Many homebuyers look for homes before seeking a pre-approval for a mortgage. Often they settle for homes beyond their financial capacity. A pre-approval establishes how much you can afford for a home. You may show the pre-approval document to real estate agents who can find a selection of homes for you within your budget.
It is crucial to take on the services of a trustworthy buyer agent for looking for a house. Consider using the assistance of an agent recommended by a relative or a friend. A reliable and experienced agent can get the most advantageous deal for you and not let the seller’s agent get the upper hand while negotiating.
It is advisable to hire a home inspection service and not just depend upon the inspection report tendered by the real estate agent. You may detect potential problems with the home, by doing so.
A potential homebuyer may assume that a foreclosed home available at a moderate price compared to its initial worth is a great deal. Since home values have declined significantly, the market worth of foreclosures are quite low. Buying a foreclosure may entail expensive repair issues. It is crucial to ascertain the actual state of the foreclosed home before settling for a mortgage to buy it.
A home requires regular maintenance, which can be a challenge for a homeowner with little savings. Apart from paying for the scheduled mortgage payments, utilities and property taxes, you may have to arrange for funds for major and minor repair issues. It is important to prepare a budget and lay aside funds for these expenses before you put down a payment and secure a mortgage for the home.
Some buyers decide on refurbishment projects directly after buying the home. This causes a financial strain on the homeowner, which may result in an inability to repay the mortgage debts. It is sensible to exercise patience and decide on the renovations gradually.