Buying a Home without Ruining your Finances: Avoiding Costly Homebuyer Mistakes
Buying a Home without Ruining your Finances: Avoiding Costly Homebuyer Mistakes
The National Association of Realtors (NAR) recently reported that most people feel that purchasing a home is both an important financial milestone and a good investment.
Buying a house is only a good investment if you have planned to spend only what you can comfortably afford. The NAR study also reported that 43% of homeowners feel financially strained by their current mortgage payments, meaning that many homeowners were not prepared for the realities of the home buying process.
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Choosing The Wrong Realtor
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An inexperienced realtor can cost you more money than the fees associated with their commission. Selling in Fort Worth is not that different from selling in any other major metro area; Fort Worth homes are subject to volatile market conditions, and an experienced realtor can safeguard their buyer's interest and money.
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Remaining anchored to a home that is out of your price range or in an area that typically fluctuates in value are all conditions that can be predicted by an experienced realtor. A top realtor helps buyers make tough decisions and provides all the information needed to feel confident in your choice. Most inexperienced realtors do not have the ability to provide all these services, and this can cost buyers in the long run.
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Buying More Space Than You Can Afford
Falling in love with a house that is out of your planned price range is the worst thing a potential home buyer can do to their finances. Envisioning your life in a beautiful home is understandable, but first you need to make sure you can afford the property.
Before becoming emotionally attached to the house, you should prepare a budget.
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Not Understanding Your Financial Tools
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Many home buyers make the mistake of being prequalified instead of preapproved. This is an important step, and you should make certain that you get it right.
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A pre-approval will ensure you have buying power equal to what you can afford. A pre-qualification does not factor your existing debt into the assessment and therefore doesn't provide an accurate snapshot of what you can comfortably spend.
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You should know how much money you have at your disposal.
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Homeowners often confuse these two financial tools, and it's a costly mistake.
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Many buyers choose to push their budgets to breaking point, but it's important to realize the impact this could have on your overall finances. The best way to ensure that the home buying experience remains positive is to plan before you spend and surround yourself with qualified professionals.
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