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Avoid These Mistakes First Time Homeowners Make
Money SmartsJuly 23, 2018
Buying a house is one of the biggest decisions you will ever make and there are common mistakes that many first time homeowners regret making. Here are a few ways you can avoid them.
- Know your housing budget
Avoid buying a home that is out of your financial comfort zone. Review your current household budget so you'll have an idea of your current expenses. Some of your bills are going to increase in a new home – like utilities and insurance. A GLCU Mortgage Loan Officer can sit down with you to create a financial housing plan to fit your lifestyle.
- Look outside your housing budget
After doing your research, you’ll know how much house you can afford. You can then pinpoint properties in that price range.
Most home purchases require compromise. Maybe you’ll decide on a smaller house in a neighborhood with the best schools. If space is your highest priority you might choose a larger house in a rural area. Every house has advantages and disadvantages.
- Purchase based on future changes
If you are having trouble finding a house in your price range, consider ways to reduce your current expenses, before you buy. Many people mistakenly assume they will make these changes once they own a house. Ideally, these budget changes should be in place before you buy a house, even if it means delaying the purchase.