4 Mistakes to Avoid When Buying a House

1. Not Having a Real Estate Agent

"Real estate agents can get you into homes you might not otherwise find, help you negotiate and spot unfavorable terms in contracts. Plus they probably won’t cost you a dime as the buyer."

2. Forgetting the ‘Extras’ When You Calculate Your Housing Budget

"When you’re making your budget, it can be easy to see the cost of a house online and assume you would pay the website’s estimated monthly payments.

However, those estimates assume your credit report is immaculate and you are putting 20% down. If you’re calculating expenses on your own, don’t forget that you will pay more than just the cost of the house. Plus there’s homeowners insurance, PMI, property taxes and, of course, interest."

3. Skipping the Inspection

"If you forgo an inspection and issues surface shortly after your purchase, you are out of luck. You’ll be paying out of pocket, and the seller is not liable."

4. Buying Outside Your Price Range

"Even if you’re approved to borrow X amount, you should not buy a house for that amount if you don’t feel comfortable spending that much.

Remember: You are likely signing a 30-year commitment. Make it a number you’re comfortable with."

#buyingahome

site: https://www.thepennyhoarder.com/home-buying/how-to-buy-a-house/