3 Common mistakes that are made when considering buying a home
Hey Guys,
I decided to make a post about the mistakes that some people make when buying a home. I thought that this would be a good post to have because homes are being bought all of the time and it is not fun to make a mistake especially when buying a home.
#1: Not considering rent may be a better financial option.
A lot of good things come out of buying a home like being able to say that you are a home owner or home equity and tax benefits.These are all good things but what if you truly can not afford a home. Renting may be a better option for those who are not sure if they can make the $1000+ housing payment for the next 30 years.
#2: Car or home
When the bank looks at whether you will be able to afford mortgage payments they will look at your debt to income ratio. Try to have no debt if you are going to buy a home. Prioritize what you would rather have, the $60,000 car that over time will be worth nothing or your home that will most likely build in home equity. So think, what is better?
#3: Skipping the house inspection
Roughly about 10% of homes that are bought on the market are not inspected before they are bought. The buyers are trying to cut costs and save money. It is better to be safe than sorry. The average inspection costs about $450 depending on the size of the home. It is better to spend the $450 than to buy the home and then fins out that the foundation is bad or that the roof is leaking. Those things can cost thousands of dollars, you will then wish that you had spent the $450 to get the inspection that would have saved you those thousands.
Where I got some of my information CNBC
I decided to make a post about the mistakes that some people make when buying a home. I thought that this would be a good post to have because homes are being bought all of the time and it is not fun to make a mistake especially when buying a home.
#1: Not considering rent may be a better financial option.
A lot of good things come out of buying a home like being able to say that you are a home owner or home equity and tax benefits.These are all good things but what if you truly can not afford a home. Renting may be a better option for those who are not sure if they can make the $1000+ housing payment for the next 30 years.
#2: Car or home
When the bank looks at whether you will be able to afford mortgage payments they will look at your debt to income ratio. Try to have no debt if you are going to buy a home. Prioritize what you would rather have, the $60,000 car that over time will be worth nothing or your home that will most likely build in home equity. So think, what is better?
#3: Skipping the house inspection
Roughly about 10% of homes that are bought on the market are not inspected before they are bought. The buyers are trying to cut costs and save money. It is better to be safe than sorry. The average inspection costs about $450 depending on the size of the home. It is better to spend the $450 than to buy the home and then fins out that the foundation is bad or that the roof is leaking. Those things can cost thousands of dollars, you will then wish that you had spent the $450 to get the inspection that would have saved you those thousands.
Where I got some of my information CNBC
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