Home Finance 5 mistakes people make when buying a new home

5 mistakes people make when buying a new home

by AEA Staff

Introduction

Buying a new home can be exceptionally scary and stressful, especially if you are not sure of all your financial aspects. Here, I will go over 5 common mistakes people make when buying a new home.

5 Mistakes People Make When Buying A New Home

  1. Assessing your financial situation
    What kind of mortgage they can get on their budget, how much they can spend on a down payment, how much money they will need to maintain their normal living expenses while in a new home, and the amount they have in their savings account is very important.
  2. The home itself
    How big is the home, which town is the best fit for their lifestyle, what schools are in the general area. Whether they will need a house with a yard, a condo with a rooftop patio, or a walk- up- one floor- ground floor.
  3. Living in a bubble
    Figure out where you will work, how you will commute, how often you plan to cook and spend time with friends and family.
  4. What will happen when something goes wrong
    Who cares about a break in at the house, when a pipe bursts, when the roof leaks. Talk with your Realtor about what will happen should something go wrong before breaking the deal.
  5. Increasing the cost
    Tips on increasing your chances of getting the best offer on a home and the best conditions for financing, should sell be necessary.

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