What to avoid before you buy a home

Even with the help of a trusted real estate professional, it’s easy to fall into some common traps when you’re buying a home. Here are some of the most common regrets from home buyers—make sure to consider them before you make similar decisions.

Using all of your savings
It can be tempting to throw all the cash you have into your down payment so that you can have a lower monthly payment. But keep in mind that there are several other costs on the horizon—closing costs, inspection, and more. There will also be surprise repairs, taxes, and home maintenance. It’s a good idea to keep some cash in reserve for hidden or unexpected costs.

Borrowing the full amount offered
Banks will often offer a bigger loan than you can comfortably afford. You may be able to pay the mortgage, but it’ll really tighten your budget. A good rule of thumb is to only take 80% of what’s offered. That’ll give you a lot more flexibility in the long term.

Assuming you’ll like the neighbors
Your neighborhood is part of the package when you buy a home, so it’s important to learn about your next door neighbors. Make an effort to do a little homework on the neighbors, and their history with pets, home maintenance, and general behavior. You don’t want to be stuck living next to someone who is rude or inconsiderate.

Thinking short term with your loan
An ARM with low introductory rate and mortgage payment can be attractive. It’s easy to think “I’ll be making more money when the rate gets adjusted.” But life can throw you some surprises, and there’s great security in knowing that your payment will be consistent for 15 or 30 years. If possible, go for the fixed-rate mortgage.

***

Val-A-Homes

Val J Aranda, REALTOR® & Certified Home Marketing Specialist

“Coaching Texas Home Buyers and Sellers”

Metro Realty Logo

4007 McCullough Ave, Suite #477
San Antonio, TX 78212 | Call/Text Val: 210-378-5987

The advice and opinions expressed and shared on AgentVal.com are the sole opinions and advice offered by Val J Aranda, Metro Realty. This is not intended to solicit business from consumers under a Buyer/Broker Agreement or Listing Agreement with another Real Estate Firm.
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About AgentVal

I'm not your typical "Sales Person." I consider myself a teacher of Real Estate. I don't just close deals and move onto the next one. I take my time educating buyers and sellers before, during and after each transaction. My job description is more of a community service. I coach home buyers and sellers so they can make confident real estate decisions. I also assist new property investors. Whether or not you've bought a home before, real estate is constantly changing. Don't stress about what you don't know - let me bring my 18 years of experience to the table. I'll provide you with all of the resources you'll need to have a successful closing. I'm a Texas REALTOR® offering around-the-clock service. I want to be your personal resource for Texas Real Estate. If you have general real estate questions or concerns keeping you up at night, ask me! I understand you need your beauty sleep! :-)

Posted on 31 PM00000012 2010, in Bexar County, Community NEWS, First-Time Home Buyer, Home Buyers, Newsletters, San Antonio Home Builders, Texas Real Estate. Bookmark the permalink. Leave a comment.

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