Hello Neighbors,

Deciding to purchase a home is a major decision that takes careful consideration and can be stressful especially if this is your first time. It's important to remember to get all of the facts and take your time when looking for properties that will fit you and your lifestyle. However, buyers need to be aware of seven deadly mistakes when buying a home.

Mistake # 1: Thinking that you can't afford to buy a home.

How many of you pay a monthly rent of $800 or more a month? Do you realize how much money you're paying for an apartment that you will never own? The monthly payments you are paying a month can actually go towards a mortgage and building your own equity. There are several loan packages out there for different types of buyers and mortgage rates are at their lowest in years. Tax laws today make home buying a little more appealing than before.

In addition, there are tax advantages in owning a home in which it can be cheaper owning than renting. One advantage is the money you pay for a monthly mortgage is actually tax deductible opposed to the rent you pay using after-tax dollars which helps the landlord's equity.

Mistake #2: Not Having A Plan.

When making important decisions in life it's always good to have a plan. Never jump in head first and the same applies to buying a home. Therefore, it's best to seek professional advice from a real estate agent. An agent can keep you on the right track and prevent you from making common home buying mistakes. Within your plan you need to contemplate on what you are seeking in a home such as: what type of neighborhood you would prefer or what specifics you are seeking in a home such as kitchen size, number of bedroom, etc.

Mistake # 3: Failing to Select A Realtor You Can Work With.

Of course buying a home is a process that can last longer than a day or two. Therefore you need to search for a Realtor you can work and and feel the vibe with. Because buying a home can be a stressful task within itself you don't need a Realtor stressing you out as well. Try interviewing different Realtors and finding out who you're more comfortable with before making a final decision on the professional who will help with one of the biggest investments of your life. You also want to choose a Realtor with experience in successfully closing transactions.

Mistake #4: Failing to Pre-Qualify For a Mortgage Loan.

Before actually beginning a search for your home it is best to know what price range you need to be looking in. It's nothing worse than to fall in love with a home and when it's time to find the funds you don't qualify for the loan. Therefore, to avoid a broken heart, contact a lender and find out about the programs they offer and get that pre approval. Being pre approved will give you a piece of mind as well as give you a better position in negotiating.

Mistake # 5: Failing To Understand the Loan Options Available:

Because there are several loan programs available for home buyers take the time to figure out which programs works for you both now and in the future. Choose a lender that has time to explain the numerous programs available and go over your options.

Mistake #6: Failing To Get the Home Inspected By a Qualified Inspector.

It is an assumption that the seller of the property will disclose any problems associated with the home, however always remember the seller is not a qualified inspector and may actually over look or may not be aware of certain issues with the home. That's when a qualified inspector is needed to make sure not only the structural but the mechanical conditioning of the home is up to par.

Mistake #7: Failing To Understand Your Rights and Responsibilities.

Keep in mind buying a home consist of more than just finding the right property and getting approved for the loan. Throughout the years laws in reference to buying a home have been created and you need to understand how those laws could affect your decision in buying. After deciding on a home, your purchase contract is legally binding and should be carefully reviewed by you and the seller.

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