4 Rookie Mistakes To Watch Out For When Buying A Home

houses-336436_1280Getting ready to buy your first home? This can be an exciting time, but it can also leave you feeling overwhelmed. While you’re searching for your dream home, here are 4 rookie mistakes to avoid which could end up costing you a lot of money.

  1. Getting too emotionally attached. Buying a home is a huge investment. Because of that, take some time to look at several homes that you love so if one falls through there are other choices.
  1. Assuming you have no rules to follow as a homeowner. Some homes have deed restrictions that come with conditions. Take some time read and understand the restrictions before signing any paperwork.
  1. Not saving enough money. Saving up enough money for a down payment is a big deal, but you should also save a few months worth of mortgage payments in reserve. Putting money aside is also a great idea for any household essentials you may want to get once you’ve moved into your new home.
  1. Not getting preapproved for a loan. You’ve probably crunched the numbers and know how much you can afford, but if you want your offer to be taken seriously by the seller, get a proof of income and assets from your lender. This can be a simple pre-approval letter to show the lender your trustworthy.

If you need to apply for a home loan, getting pre-approved before approaching a real estate agent (or searching for your dream home) is a smart move.

Want to learn what other rookie mistakes to avoid? Check out this article by Home Value Plus.