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How Not to Buy Your Next Home

Buying Your Home

How Not to Buy Your Next Home

1.) You decide to wing it. You don’t have a plan or have someone to rely on to spell out the process. The result? More stress and confusion.

Pro tip: Find a Realtor who can help you focus on the vision and layout the plan they’ll have your back every step of the way.

2.) Not reviewing your finances. Not speaking with a lender and getting a pre-approval from them before you go look at houses.

The result? Finding out later you don’t have the financing you need to buy your dream home and/or the seller declines your offer because you don’t have pre-approval.

Pro tip: Shop around with lenders before committing to one.

3.) Not reviewing your household budget. Buying a home can be exciting and create euphoria. But, don’t overlook long-term expenses as well. There will be capital improvements and general monthly expenses to maintain your home.
The result? More stress down the road.

Pro tip: Don’t be fearful about maintaining a home, but definitely educate yourself first. Ask your Realtor for a budget spreadsheet or talk to your financial advisor.

4.) Make other dramatic lifestyle changes before you buy a home. I’m all for a good time and living on the edge, but a lender isn’t going to want to see that you switched your job, bought a new car, or spent your savings on an epic vacation right before they’re about to loan you money. Hold off on these, at least until you’ve closed on your new home.

Pro tip: Keep those credit scores on point. Your lender can help guide you on this.

5.) Being blinded by the home and the home alone. Yes, the home is VERY important, but don’t underestimate possible disappointment, if you settle for a neighborhood that you don’t equally love.

Pro tip: Drive around some neighborhoods you’re interested in a few different times of the day, check out the local shops, restaurants, or parks. This will be a good gauge if it could be a fit.

These are a few of my favorites on what to avoid and how to stay on track buying your next home (the right way).

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