3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate

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The problem with a real estate transaction is once you’ve made a mistake, it can forever take a toll on your financial health. This is why, when buying a home, it is crucial to study the rudiments of the process from the major details down to the smallest ones to ensure that you get it right.

Transcript of 3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate

Page 1: 3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate

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Home Home Home

Buying Buying Buying

Mistakes Mistakes Mistakes

to Stay to Stay to Stay

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The problem with a real estate transaction is

once you’ve made a mistake, it can forever take a

toll on your financial health. This is why, when

buying a home, it is crucial to study the rudi-

ments of the process from the major details down

to the smallest ones to ensure that you get it

right. If you are going to buy a home, make sure

to stay away from these common pitfalls that

many homebuyers have fallen into.

3 Home Buying Mistakes to 3 Home Buying Mistakes to 3 Home Buying Mistakes to

Stay Away FromStay Away FromStay Away From

Page 3: 3 Home Buying Mistakes to Stay Away From - Fort Collins Real Estate

Mistake # 1 – Failure to assess

financial status

One of the first things that you need to do

before you make a home purchase is to organize

your finances. Weigh your income and assets

against your liabilities and expenditure for you to

get a clear picture of how much of a monthly

payment you can afford to make. Many home-

buyers do assess their financial status, but some

are not able to go about it correctly. They fail to

consider things like future unexpected expenses,

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job instability, and so on. When calculating the

amount for mortgage payments, make sure that

you have backup plans in case you lose your job

or there is an emergency that you would need to

spend a large amount of money on.

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Mistake # 2 – Buying the

wrong house

Buying a house isn’t like shopping for clothes

or shoes. It’s not like you can give back the

house if you change your mind or find out that

it’s not really what you like. If you’re going to

choose a house, think many times before making

the final decision. Don’t consider only the

appearance of the house or buy it because it’s

beautiful. Consider all the aspects involved

including location, price, size, and so on. Loca-

tion should not only be quiet and peaceful, but

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should also provide vast employment opportuni-

ties, access to prestigious educational institu-

tions, and high quality of life. In the United

States, Colorado is one of the best options for

raising a family. Get to know more about Fort

Collins real estate and Colorado real estate and

find out why these places are top options for

many buyers. As for the size, of course, it should

be big enough for the whole family’s comfort.

Price should also fit your budget. Apart from all

these, you need to have a good feeling about the

house.

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Mistake # 3 – Thinking that long-term loan

is better

Many homebuyers make the mistake of think-

ing that the longer the duration of the loan is, the

more money they can save. The opposite is true.

What makes people think that way is the low

monthly payment that comes with longer-term

loans. But the truth is, interest rates make the

longer-term loan more expensive. If you can

afford to make bigger payments every month

without sacrificing the quality of your life, then

go for that. It would save you more money in the

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long-run. It will also mean that the loan will be

paid off sooner.

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Everyone dreams of owning a home. Unfor-

tunately, not everyone gets the chance to do that.

The thing is, owning a home isn’t something that

happens automatically. Unless, you are born to a

wealthy family, having your own home would

have to mean years of blood and sweat. If you’re

one of those people who would need to work

hard for a living, here are some secrets on how to

make this dream a reality.

Discover the Secrets to Discover the Secrets to Discover the Secrets to

Owning a HomeOwning a HomeOwning a Home

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Save for the monthly payment

First, estimate the amount that you’ll need to

pay for the home’s cost (including the mortgage

payment, property taxes, insurance and mainte-

nance). Every month, save up this amount and

put it in a money-market account. This is ideal if

you are planning to buy a house within a few

years. If you don’t plan to buy a home for a

longer time, you can put the money in equity

funds. This will enable you to know if you can

afford the house while at the same time, building

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a down payment. Speaking of down payment, it

would be a great idea to come up with at least 20

percent. This will lower down the monthly

payment as well as the overall cost of the house.

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Go for rent-to-own system

Some housing programs allow you to

undergo a rent-to-own system. This is like paying

monthly rental for a home that you’re going to

use and in a few years’ time, the property will

become yours. Sounds too good to be true? It

is true. It actually has some drawbacks, including

additional costs and more expensive overall

house price. But, the fact that you’re not

stressing yourself over home mortgage makes the

idea good enough to consider. Also, it would feel

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like renting without feeling like you’re throwing

your money away because, unlike renting, this

one would be yours in the future. Just make sure

that you study the rudiments of the process

before going about it.

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Look for an affordable house

Sometimes, the reason why people cannot

buy a home is that they don’t look hard enough

to find a home that they can actually afford.

Some people, on the other hand, just wouldn’t

settle for less. For them, if it’s not going to be a

mansion, they’d rather not buy the property. But

if you lower your expectations and scour the

market, you can actually find a house that is

priced within your means. Online, you can find

various home finder tools that will let you

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browse through the current available houses for

sale in the market today. You’ll be surprised to

find that, by just tightening your belt a little, you

can indeed make a move to purchase one of

these. Colorado real estate such as Fort Collins

real estate are some of the locations you can

start with. As you know, Colorado is a top state

in the country, being progressive and educated.

It’s one of the best places to raise a family that

wouldn’t cause you to bust your entire life’s

savings.

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